In an Aleatory contract, what determines the exchange of values?

In an Aleatory contract, the exchange of values is dependent on the occurrence of a specified event. This type of contract is characterized by uncertain outcomes, where the performance of one party is triggered by the happening of an event that is outside the control of either party. For instance, in an insurance policy, the insurer is obliged to pay a specified amount only when a covered event occurs, such as an accident or a natural disaster.

This reflects the essence of Aleatory contracts: the values exchanged are not predetermined and do not involve equal payments from both parties; instead, they hinge on the uncertainty and randomness of specific future events. The potential for one party to gain significantly upon the occurrence of the event while the other may not receive anything at all exemplifies the risk-sharing aspect inherent in these types of agreements.