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 ?
diaphragm was conditioned 336 hours @ 40 [degrees] C in Fuel C.
When unconditioned or inconsistently conditioned CO2 is used, the low temperature and dryness of the gas can severely dry tissue, resulting in cellular death, and also lower the patient's body temperature.
The Offer is conditioned on, among other things, (i) the tender in this Offer of a sufficient number of shares of outstanding Joule common stock not owned by the Purchaser Group such that, after such shares are purchased pursuant to the Offer, Purchaser would own at least 90% of the outstanding Joule common stock (the "Minimum Tender Condition"), which would also mean that at least a majority of the outstanding shares that are not owned by the Purchaser Group and the other executive officers and directors of Joule had been tendered (the "Majority of the Minority Condition"), and (ii) the Special Committee not having modified or withdrawn its recommendation of the Offer to stockholders of Joule unaffiliated with Purchaser and the Purchaser Group.
Approval of this application also is specifically conditioned on compliance by Bank and its affiliates with the commitments made in connection with this application and with the conditions in this order.
Systems maintained in this manner will operate more economically, last longer, and provide cleaner and healthier air to the conditioned spaces in the home or business where installed.
Approval of this application also is specifically conditioned on Bank's compliance with the commitments made in connection with this application and with the conditions in this order.

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