Asked by Christopher Severson on Jun 29, 2024
Verified
Frequently,real estate contracts are conditioned on an event such as the buyer's ability to sell his current home by a certain date.If the home does not sell,the condition does not arise,and the parties have no duty to perform and are thus discharged from the contract.This is an example of a contract that is subject to a ________.
A) condition subsequent
B) condition precedent
C) concurrent condition
D) real condition
E) fixed condition
Condition Subsequent
A condition in a contract that, upon occurrence, terminates the contract or an obligation within the contract.
Real Estate Contracts
Legally binding agreements related to the purchase, sale, lease, or exchange of real property.
- Recognize and explain the different circumstances (precedent, subsequent, concurrent) influencing the fulfillment of contractual obligations.
Verified Answer
ZK
Zybrea KnightJul 06, 2024
Final Answer :
B
Explanation :
A condition precedent is a particular event that must occur in order for a party's duty to arise.If the event does not occur,the party's duty to perform does not arise.Frequently,real estate contracts are conditioned on an event such as the buyer's ability to sell his current home by a certain date.If the home does not sell,the condition does not arise,and the parties have no duty to perform and are thus discharged from the contract.This is an example of a contract that is subject to a condition precedent.
Learning Objectives
- Recognize and explain the different circumstances (precedent, subsequent, concurrent) influencing the fulfillment of contractual obligations.
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