Rationally coping with situations with uncertain consequences is a matter of universal concern in modern societies.Here a critique of current paradigms of dealing with risk is the starting point for developing an ethics of risk that also takes into account individual rights and justice. The basis for this work is provided by a clear terminological analysis, as well as insights derived from modern decision theory. In addition, the application of this conception of the ethics of risk to contract theory serves to elucidate its political relevance.