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Simple English definitions for legal terms
alea
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A quick definition of alea:
Term: ALEA
Definition: Alea is a Latin word that means a game of chance or the possibility of winning or losing something in a contract. It refers to situations where the outcome is uncertain and depends on luck or probability. For example, rolling a dice or playing a slot machine are both examples of alea. When you enter into a contract, there is always a risk that you may not get what you expected, and that risk is called alea.
A more thorough explanation:
ALEA
ALEA is a Latin term used in Roman law. It has two meanings:
- A game of chance.
- The chance of gain or loss in a contract.
Examples of ALEA include:
- Playing a game of poker or roulette at a casino.
- Entering into a business contract where the outcome is uncertain and could result in either a profit or a loss.
These examples illustrate the two meanings of ALEA. In the first example, playing a game of chance is the primary focus, and the outcome is uncertain. In the second example, the focus is on the chance of gain or loss in a business contract, where the outcome is also uncertain.