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 ?
Gary Anthony Skerritt, 31, of Cambridge Road, Thornaby, given a six-month conditional discharge and ordered to pay PS100 costs.
Geographically, the global conditional access systems market has been segmented into five regions: North America, Europe, Asia Pacific, Middle East and Africa (MEA), and Latin America.
The main goal in this paper will be to outline a mental model theory (Johnson-Laird & Byrne, 1991, 2002) of reasoning about the conditional except if.
He said: "There are plenty of races limited to conditional riders and, as we tend to have runners in them, this is a good opportunity for the right candidate.
On the other hand, the model theory (Johnson-Laird & Byrne, 1991) posits that reasoners understand a conditional sentence by constructing mental models based on keeping different possibilities in mind.
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.
Isabella Frazer Henderson, 53, of Pensher Street, accused of conspiracy to supply class C drugs, cannabis, was given conditional bail.
Conditional sales (sales where possession of property is transferred but ownership passes only after certain conditions are fulfilled, for example on full payment of the purchase price by the recipient), and instalment sales, (sales where the ownership of the property transfers immediately, but the property is paid for in instalments), are both "sales" for the purposes of the override rule.
The ED proposes factoring uncertainty surrounding the timing and method of settlement potentially conditional on future events into the measurement of the liability rather than its recognition.
SP is the conditional probability, P[EnH/nH] (where EnH is evidence of a nonhazard, and nH is a nonhazard), that the evidence will identify no hazard, given a true nonhazard:
DETECT is a nonparametric, conditional covariance-based procedure to identify dimensional structure and the degree of multidimensionality of test data.