Which of the following statements about aleatory contracts is NOT correct?

Aleatory contracts are characterized by an exchange of unequal amounts of value, often depending on the occurrence of a specific event, and they typically involve some element of chance. In the context of insurance, this means that the contract's obligations are contingent upon uncertain events.

The correct choice indicates that the statement about only one party making a legally enforceable offer is not accurate in the context of aleatory contracts. In these contracts, both parties engage in a mutual exchange where the insurance provider agrees to cover certain risks (with the promise to pay upon the occurrence of a specified event), while the insured party pays premiums. This mutuality is a key element; therefore, it's inaccurate to suggest that only one party is making an enforceable offer.

In terms of the other options, legal wagers fall under aleatory contracts since they involve the chance of losing or winning. The potential for unequal exchange is inherent in these agreements, where the benefit at payout can be significantly greater than the premium paid, influenced by whether the insured event occurs. Lastly, the element of chance is foundational to aleatory contracts, as the outcomes depend on uncertain events, which is fundamentally what differentiates them from other types of contracts.