A partnership is described as which type of contract?

A partnership is characterized as an aleatory contract because it involves an agreement where the obligations of the parties are contingent upon uncertain events. In the context of a partnership, the partners come together to achieve a common business goal, and the profits (or losses) they share depend on the success of the business venture, which is inherently uncertain. This unpredictable outcome is a hallmark of aleatory contracts, where performance and benefits rely on chance or an unforeseen event.

While other types of contracts exist, they do not capture the essence of how partnerships operate. A preparatory contract typically refers to agreements made in anticipation of a future contract. A nominate contract is one that is recognized and governed by specific legal provisions. An onerous contract suggests that both parties have reciprocal obligations which is somewhat true for partnerships, but it does not address the inherent uncertainty tied to the profits and losses that define a partnership's framework. Thus, the key characteristic of uncertainty in outcomes aligns closely with the definition of an aleatory contract, making it the correct choice.