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 ?
Leanne Stapleton, 34, of Hartington Road, Stockton, given a 12-month community order with a treatment requirement and a rehabilitation requirement and ordered to pay PS210 charges for using threatening, abusive or insulting words or behaviour, breaching a conditional discharge imposed for theft and breaching a community order imposed for criminal damage.
The remaining Chapters 4 to 9 survey the full range of conditional constructions in English and the compositional contribution of different formal forms to the overall meaning of conditional constructions.
Thus, the inherent meaning of the como conditional is based on a factor that has a pragmatic basis, but one that nevertheless differs from the speaker-based "negativity" of its counterparts in Japanese and Korean.
While we understand the need for an override rule to ensure that there is no undue delay in the remittance of GST where consideration for a supply is paid over a period of time, we question the rationale behind the timing of the taxation of conditional sale/instalment contracts.
Considering the evidence (the rows), PPV is the conditional probability, P[H/EH], that something is a true hazard, given that the evidence identifies it as a hazard:
He was given conditional bail to appear in court again on March 12.
In North American, the Fourth District held that a payment bond containing the conditional payment language and legend required by the statute would, nevertheless, be considered as an unconditional payment bond, to be construed pursuant to F.
Conditional sentences were introduced into the Canadian justice system in 1996 and since then, courts across the country have been setting out guidelines and limits on their use.
The basic concept of the conditional limitation clause is to permit landlord to (i) give notice to tenant of some default; and (ii) if tenant does not cure, declare the lease to be terminated.
The portfolio covers the entire range of downloadable conditional access (DCAS) and digital rights management techniques operators require to enable delivery of multiple content formats to multiple devices across an IP-based network.