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What does a conditional contract mean?
When a contract is ‘conditional’, this usually means that one or both parties do not have to perform their side of the bargain until something else has occurred. In other words, the contract is conditional upon something else happening.
Is a conditional contract binding?
A conditional contract is a binding contract for the sale and purchase of property (used in place of the usual contract on exchange) which is subject to satisfaction of a “condition precedent”.
What is a conditional contract in real estate?
A conditional contract is a type of contract where the sale of the property will only proceed if certain conditions outlined in the contract are met. The contract is called ‘conditional’ until the conditions listed are satisfied, at which stage it becomes ‘unconditional’.
Is a conditional offer good?
Either a conditional or unconditional offer is good news. A conditional offer means you still need to meet the requirements – usually exam results. An unconditional offer means you’ve got a place, although there might still be a few things to arrange.
Can a buyer pull out of a conditional contract?
The Contract of Sale is only binding once the seller and the buyer have signed the document. A conditional Contract means the sale of the property will only occur if certain conditions are met. Including conditions can protect you if those conditions are not met and you want to withdraw from the Contract.
Can a conditional contract be?
A conditional contract, also called a hypothetical contract, is a contract agreement that only requires performance once the delineated conditions are met. This legal agreement requires prior performance of another agreement or clause in order to be enforceable.
What happens if you don’t meet conditional offer?
If you don’t meet the requirements of your conditional offer, there is a possibility the university will still accept you or offer you an alternative. If you don’t get a place on either your firm or insurance choice you can search through the UCAS Clearing service to see what courses still have vacancies.
Do you have to accept a conditional offer?
You can only have an insurance choice if your firm choice is a conditional offer. If you accept an unconditional offer as your firm choice then the place is guaranteed, so you cannot have an insurance choice….Replying to offers – your questions answered.
| Last decision by | Your reply date is |
|---|---|
| 6 July 2021 | 14 July 2021 (including Extra) |
What are the conditions of a conditional contract?
A condition of a conditional contract can also be a specific event, as long as the occurrence of which, when the agreement was formed, was uncertain. There is usually a time frame included in conditions. Conditional contracts may be used to sell real estate, vehicles, equipment, and other personal property.
How is a conditional contract different from an executory contract?
A conditional contract is an executory contract, the performance of which depends upon a condition. It is not simply an executory contract, since the latter may be an absolute agreement to do, or not to do, something; but it is a contract whose very existence and performance depend on a contingency and condition.
When do you sign a conditional sales agreement?
Conditional sales agreements allow the seller to repossess the property if the buyer defaults on payment. Strong contracts lay out details of the nature of the deal between the buyer and seller, and are ready for review for both parties to sign once they are able to come to a verbal agreement.
Who is protected by a conditional sales agreement?
A conditional sales agreement also protects the seller if the buyer defaults on required payments. Since the title does not transfer to the buyer until the completion of the conditions, the seller remains the legal owner throughout the duration of the contract.