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 ?
Meng-Yu Chen, M.D., from the CDC in Atlanta, and colleagues used data from the 2016 National Survey of Children's Health to estimate the prevalence of heart conditions among U.S.
Purpose: The goal of the book, as stated in the preface, is to serve as a refresher on the basics of general medical conditions, providing the quick and useful information necessary to understand each condition, especially those that may not be seen every day.
* a target section for permanent attachment to a landing area on another portion of the article, when the fastener is in the closed condition and conditions thereafter, a fastening section connected to the target section when the fastener is in conditions prior to the opened condition; disconnected from the target section when fastener is converted from the closed condition to the opened condition, and attachable to and from the target section when the fastener is converted between the re-closed condition and the re-opened condition;
When a planning permission is granted, it is usually granted subject to conditions. These conditions can vary from the approval of further detail by the planning authority before development can commence, for example the materials to be used, or an ongoing condition such as a restriction on the way in which the development is used, such as the opening or operating hours.
1 : state of physical fitness or readiness for use <The car was in good condition.>
When applied individually for a set of conditions, the separate condition-specific expenditure estimates, each expressed as a fraction of total expenditures, can add up to more than 100 percent and thus generally cannot be interpreted as shares.
Anxious to submit her payment information and complete her purchase, Sally quickly clicks the "I agree" box without paying much attention to the terms and conditions displayed on her screen.
This topic presents a conceptual discussion as to how General Systems Equilibrium conditions are predicated by the assumption that equilibrium conditions exist in macroeconomic-system models based upon a foundation of underlying micro-economic-system models.
Governor Easley of North Carolina has made a sustained commitment to listening to educators and reforming schools to create the working conditions necessary for student and teacher success.
Specifically, the note in Karns stated that the "annual payment shall be forgiven if" certain conditions were met.
To determine the optimal conditions of application of the coating for best wear resistance for each of the conditions tested, 12 to 16 castings were poured in two identical molds (Fig.
In order to grant a variance, however, the owner must prove five conditions with each condition acting as a stepping stone to the next.

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