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 ?
a single fingerlift that can be gripped when converting from the installed condition to the closed condition, and when converting from the closed condition to the opened condition.
The second provides a point estimate by distributing predicted expenditures for jointly occurring conditions to constituent conditions.
BFI is also required to pay for an independent consultant to monitor the company's compliance with the permit conditions.
an obligation that is not subject to a condition precedent) on the part of the transferee to repay, and an unconditional intention on the part of the transferor to secure repayment of, such funds" (emphasis added).
After satisfying all of the five conditions, the BSA will assess the proposal for potential environmental impacts as well--in accordance with State Environmental Quality Act (SEQRA) and City Environmental Quality Review (CEQR) procedures.
This followed federal court opinions holding that certain illnesses are not serious health conditions even when all criteria listed in the regulations are met because they were specifically excluded from coverage.
Also note that the "load hold value," "mean level rate" and "temperature rates" have been moved to the "new condition definition" window and the "edit condition" window to consolidate all the test definition values into one user interface window.
The insurer denied McLeod's application for benefits on the ground that her disabling condition was a pre-existing one for which benefits were not payable.
A more recent approach has been to simulate land surface wetness conditions by using a hydrology model.
3) Bank is supervised by the SBIF on substantially the same terms and conditions as those other banks.
The 90% known (and 10% new) condition resulted in the most words retained, with only one of the five points equaling the highest data point for the other three conditions.
This information gap includes a number of chronic diseases and conditions that may be increasing in prevalence, including asthma, neurologic disorders, developmental disabilities, and even diabetes.

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