What term describes a situation where both parties of a contract may NOT receive the same value?

The term that describes a situation where both parties to a contract may not receive the same value is "aleatory." In the context of insurance and contracts, an aleatory contract is one where the expected benefits are not guaranteed to be equal for both parties involved. This means that one party may pay a relatively small amount (such as insurance premiums) and, in turn, may receive substantial financial benefits (like a claim payout) depending on specific circumstances, such as accidents or losses.

Aleatory contracts are characterized by their inherent uncertainty, as the actual outcomes and benefits received depend on events that may or may not occur. This lack of symmetry regarding the values exchanged—where one party stands to gain significantly more based on specific events—distinguishes aleatory contracts from other types of agreements where value is more balanced and predictable.

Understanding these concepts is vital in fields like insurance, where the unpredictability of risks plays a crucial role in policy design and pricing.