What characteristic defines an aleatory contract?

An aleatory contract is characterized by uncertainty and contingency regarding the outcome, meaning that the performance of the contract's obligations relies on an uncertain event. In this context, the terms of the contract typically involve one party paying a premium (like in insurance) while the other party's obligation is triggered only if a specific event occurs, such as a loss or damage. This aspect of unpredictability creates a reliance on events that may or may not happen, which distinguishes aleatory contracts from other types of contracts where obligations are definite and not dependent on uncertain outcomes.

While it is true that aleatory contracts can be legally binding and involve obligations from the parties, the defining feature that sets them apart is the element of uncertainty and the dependence on a particular event taking place. Thus, the correct answer highlights what fundamentally makes a contract aleatory.