Asked by Savanna Griffin on May 21, 2024
Verified
Dream Home.Maurice finds a dream home on the lake.He wants to buy it but is unsure whether he can get a loan.He signs a contract with the seller that he will buy the home if he can get a loan.Maurice also includes a contractual clause in the contract with the seller that if the purchase goes through but he loses his job within one year,the seller will repurchase the house for the same price Maurice paid for it.After getting a loan and buying the home,Maurice decided that he wanted new windows put into the home.He entered into a contract with a window contractor.The window contractor visited the home,but Maurice was always gone.The contractor made several attempts to reach Maurice,but Maurice would not return phone calls and made no attempt to assist the contractor with installation.The provision that Maurice did not have to buy the house unless he was able to get a loan is referred to as which of the following?
A) A condition subsequent
B) A condition precedent
C) An implied condition
D) An express condition
E) Both a condition precedent and an express condition
Condition Precedent
A condition or event that must occur before a contract obligation or rights become effective or enforceable.
Dream Home
An idealized or perfect residence envisioned by an individual or family, often embodying one's aspirations for comfort, location, and features.
Contractual Clause
A provision included in a contract that specifies a particular requirement, obligation, or condition affecting the agreement's parties.
- Recognize the importance of express and implied terms in contract formation and interpretation.
Verified Answer
AN
Amadi NkosiMay 25, 2024
Final Answer :
E
Explanation :
A condition precedent is a particular event that must occur in order for a party's duty to arise.An express condition is explicitly stated in the contract and is usually preceded by words such as conditioned on,if,provided that,or when.
Learning Objectives
- Recognize the importance of express and implied terms in contract formation and interpretation.