Asked by baijun cheng on May 07, 2024
Verified
The provision that the seller will release Jacob unless he is able to obtain a loan is a(n) ________.
A) Condition subsequent
B) Condition precedent
C) Bona fide condition
D) Condition concurrent
E) Exculpatory condition
Condition Precedent
An event or condition that must occur before a party is obligated to perform under a contract.
Condition Subsequent
A condition in a contract that, if it occurs, terminates the party's obligation or alters the terms of the agreement.
- Grasp the importance and implications of contract conditions (precedent, subsequent, concurrent) and their effects on the obligations of the parties involved.
Verified Answer
DD
Destiny DvorakMay 11, 2024
Final Answer :
B
Explanation :
The provision that the seller will release Jacob unless he is able to obtain a loan is a condition precedent, meaning the obligation to perform (in this case, to buy the home) only arises after a certain condition (obtaining a loan) is met.
Learning Objectives
- Grasp the importance and implications of contract conditions (precedent, subsequent, concurrent) and their effects on the obligations of the parties involved.