condition

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condition

A future and uncertain event that determines whether or not there will be a contractual obligation or liability. Conditions may be express or implied, possible or impossible, lawful or unlawful, affirmative or negative, precedent or subsequent, positive or negative, and, finally, single, copulative,or disjunctive.Each type of condition has different legal consequences.

Examples of the most common types encountered in real estate are

• Express. If the purchaser cannot obtain financing, the purchaser may cancel the contract.

• Implied. If the seller burns down the house the day before closing, the purchaser may cancel the contract.

• Lawful. If the broker produces a buyer willing and able to pay the asking price, the seller will pay a commission of 6 percent of that price.

• Unlawful. If the broker produces a buyer willing and able to pay at least $125,000, the broker will be paid all the purchase price in excess of $125,000.

References in periodicals archive ?
The deadlines for strengthening of conditional phases are:
Christopher Paul Shaw, 36, of Morven View, Stockton, given a six-month conditional discharge and ordered to pay PS100 costs for theft.
This report studies the current scenario as well as future market potential for conditional access systems globally.
For instance, Montolio (2000) has claimed that the conditional connective 'excepto si (except if) is semantically analogous to the connective 'a menos que' (unless).
Stephen Johnson, 54, of Aigburth Drive, Aigburth, charged with being drunk and disorderly and failing to surrender to custody - 12 months conditional discharge with pounds 115.
Saturday's Racing Post advertisement seeking a conditional rider, and added that the advertisement would be repeated next weekend.
From the suppositional theory, we should predict that people will have equal access to the possibility not-p and not-q or not-p and q for different form of conditional (such as p if q, only if p then q, p only if q and if then q).
Often, the conditionals in (5b) and (5c) are called "subjunctive" or "counterfactual" conditionals, but as Comrie (1986: 89-93) has convincingly argued, conditional constructions like (5b) and (5c) are not inherently counterfactual, but differ in degree of hypotheticality.
Michael Thomas Cole, 18, of Duncan Street, accused of conspiracy to supply class A drugs, cocaine and ecstasy, got conditional bail.
I thought this done; I thought this was put to rest legally as far as their ability to expand on their conditional use permit,'' Tipton said.
CRA Publication G300-06-11, Override Rule (GST 300-6-11) Reprint, provides the following illustration in paragraph 8 dealing with a conditional sale/instalment contract: