Contracts for sale may contain sections that cause implementation of the contract to depend on the successful completion of some prior action such as the buyer's ability to obtain financing on specified terms.This type of contract is commonly referred to as a(n):
A)assignment
B)equitable title
C)contract with contingencies
D)uniform settlement statement

Question

Quizplus · Accepted Answer

Contracts with contingencies are those that have conditions or requirements that must be met before the contract can be successfully executed. These conditions may include obtaining financing, completing inspections, or obtaining necessary permits. Until these conditions are met, the contract is not legally binding.

Contracts for Sale May Contain Sections That Cause Implementation of the Contract