What is conditional in contract law?

A conditional contract is an agreement or contract conditional upon a specific event, the occurrence of which, at the date of the agreement, is uncertain. A common example is a contract conditional upon the buyer getting planning permission.

What is conditional and contingent?

Conditional or Contingent Wills. When an individual wants a Will to be effective only in the occurrence of some events is called Conditional Will. The Will is not executed, if the event does not happen. It is also known as Contingent Will.

Is a conditional acceptance a contract?

Conditional acceptance means acceptance of supplies or services that do not conform to contract quality requirements, or are otherwise incomplete, that the contractor is required to correct or otherwise complete by a specified date.

Is a conditional acceptance legally binding?

Rules Regarding Acceptance The acceptance has to be communicated by conduct or words. The acceptance is communicated when provided in a certain manner. Acceptance cannot be conditional. The mental acceptance or acceptance that is uncommunicated cannot produce the contract.

What are conditional contracts called?

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 does conditional and unconditional offer mean?

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. An unsuccessful or withdrawn choice removes that option, but you could add more.

What conditional offer mean?

Is a conditional agreement binding?

This statement forms part of the legal agreement and therefore is binding upon the parties. Following the bouncing ball of logic, this means a buyer, for example, who requires a condition (ie. financing or property inspection), must exercise best efforts to accomplish those conditions.

What does it mean to be conditionally accepted?

What does conditionally accepted mean? Conditional acceptance means that there are still terms that need to be met before your acceptance can be finalized. For example, maybe you’re a high school or college student and you’ve applied and submitted your official transcript for your midterm grades.

Can a conditional offer be accepted?

A conditional offer is therefore a provisional one only. You are required to fulfil all conditions in the offer letter before the offer can be updated to an “unconditional” one, and before you can formally accept the offer.

What does unconditional contract mean?

As its name implies, an unconditional contract contains no conditional clauses – meaning outside of a Buyer’s right under legislation, the Buyer must settle the property regardless of whether their finance is approved or not and whether the physical condition of the Property is acceptable or not., while a seller must …

What is contingent contract?

A “contingent contract” is a contract to do or not to do something, if some event, collateral to such contract, does or does not happen. Illustration. A contracts to pay B Taka 10,000 if B’s house is burnt. This is a contingent contract. Enforcement of contracts contingent on an event happening.