Which contract type describes an unequal exchange of value?

An aleatory contract is characterized by an unequal exchange of value, typically dependent on an uncertain event. This type of contract involves mutual promises where the performance of one party is contingent upon the occurrence of a specific event. In such agreements, the outcomes are unpredictable, and one party may receive significantly more value than the other, which is a defining feature of aleatory contracts. For instance, in an insurance contract, a policyholder pays a premium in exchange for protection against potential large losses, meaning the insurer's liability can far exceed the premiums collected if a claim is made.

In contrast, a unilateral contract involves a promise from one party in exchange for the performance of an act by another party, leading to a more straightforward transaction with a clearer exchange of value. A personal contract focuses on the specific individuals involved and does not inherently imply an unequal exchange. Conditional contracts depend on the occurrence of a specific condition, affecting when the contract's obligations kick in but do not necessarily signify an unequal exchange of value.