condition

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Related to conditionally: unconditionally, Conditionally convergent, Conditionally convergent series

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 ?
Anthony Alan Dixon, 41, of Bow Street, Middlesbrough, discharged conditionally for 12 months and ordered to pay costs of pounds 85, for criminal damage.
Kevin Michael King, 33, of Errington Garth, Marske, discharged conditionally for 12 months for criminal damage.
James John Foreman, 28, of Diamond Road, Middlesbrough, discharged conditionally for 12 months and ordered to pay pounds 85 costs for theft.
Anthony Brian Hoe, 46, of Cheddar Close, Grangetown, Middlesbrough, discharged conditionally for 18 months and ordered to pay pounds 85 costs for theft and going equipped for theft.
Discharged conditionally for two years and ordered to pay PS100 compensation and PS85 costs.
Gemma Louise Davies, 30, of Bridge Street West, Middlesbrough, discharged conditionally for 12 months, for theft.
AMONG the cases dealt with at Teesside Magistrates' Court on October 20 were: Kathryn Louise Gordon, 26, of Francham Road, Pallister Park, Middlesbrough, discharged conditionally for 12 months and ordered to pay pounds 9.
The license is limited to cell lines that also include a recombinant conditionally inducible oncogene, using Xcellsyz's own proprietary technology.
Discharged conditionally for six months and ordered to pay PS60 compensation and a PS15 victim surcharge.
Daniel Drury, 22, of Station Road, Redcar, discharged conditionally for 12 months and ordered to pay compensation of pounds 500, for criminal damage.
The order consists of thirteen firm aircraft, twelve conditionally firm aircraft and 25 option aircraft.
Discharged conditionally for six months and ordered to pay PS100 compensation, PS85 costs and a PS15 victim surcharge.

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