In an "Aleatory Contract", what typically occurs?

In an "Aleatory Contract," the performance of the contract is contingent upon an uncertain event. This means that the obligations of one or both parties activate based on the occurrence of a specific event that may or may not happen. For example, in insurance contracts, coverage depends on whether a loss occurs, which is inherently uncertain. This aspect is what distinguishes aleatory contracts from other contract types, where parties have defined and equal obligations that are not dependent on uncertainty.

The other options do not accurately describe the nature of an aleatory contract. In equal obligation scenarios, both parties have predictable responsibilities and outcomes, which does not fit the definition of aleatory. Guaranteeing a fixed payment is contrary to the essence of an aleatory contract, where financial obligations are unpredictable. Lastly, while some verbal agreements may be legally binding, an aleatory contract specifically refers to the nature of the performance based on uncertainty rather than the formality of the agreement itself.