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 ?
Whereas other vision sensing systems can be susceptible to rapidly changing light conditions - for example, when a car emerges from a tunnel into glaring light - the ViSe contrast extraction approach eliminates sensitivity to this light environment change, ensuring greater safety and security.
In addition, the OIS system can be engaged to help steady camcorder shake when shooting still images, which aids in photographing fast moving subjects or in low light conditions.
The company says "old style" ANSI Class 2 vests primarily rely on light reflectivity to provide visibility for the user during diminished light conditions, something they call "passive illumination".
SAN FRANCISCO & NEUCHATEL, Switzerland -- The Swiss Center for Electronics and Microtechnology (CSEM), a leading electronics R&D center, today launched a miniature vision sensor system that enables broad-based monitoring and interpretation of visual data in real time, in any light conditions.
ColorCorrect is ideally suited for improving vision in sports eyewear, sunglasses and ski goggles especially in low light and flat light conditions.
By automatically imitating the characteristics of the human eye, and doing so more quickly than the human eye, OSRAM's ALS SFH5711 is suitable for adjusting the brightness of displays and other such components for optimum readability in constantly changing light conditions.
While the image intensifier amplifies available light and allows soldiers to "turn night into day," it cannot see through battlefield smoke or fog and has limitations in extremely low light conditions such as those seen in tunnels and deep caves.