[Dream Home] Jacob 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 provided that he can obtain a loan.Jacob also includes a clause in the contract with the seller stating that if he loses his job before the date the purchase contract is signed,the seller will release him from any obligation.After obtaining a loan and buying the home,Jacob decides he wants to have new windows installed.He enters into a contract with a window contractor.The window contractor visits the home,but never finds Jacob there.The contractor makes several attempts to reach Jacob,but Jacob does not return phone calls and makes no attempt to assist the contractor in arranging the window installation.
-The provision that the seller will release Jacob unless he is able to obtain a loan is a ________.

Question

Quizplus · Accepted Answer

A)A condition precedent is a particular event that must occur in order for a party's
duty to arise.Express conditions are explicitly stated in the contract and are usually preceded by words such as conditioned on,if,provided that,or when.
B)A condition precedent is a particular event that must occur in order for a party's duty to arise.Express conditions are explicitly stated in the contract and are usually preceded by words such as conditioned on,if,provided that,or when.
C)A condition precedent is a particular event that must occur in order for a party's duty to arise.Express conditions are explicitly stated in the contract and are usually preceded by words such as conditioned on,if,provided that,or when.
D)A condition precedent is a particular event that must occur in order for a party's duty to arise.Express conditions are explicitly stated in the contract and are usually preceded by words such as conditioned on,if,provided that,or when.
E)A condition precedent is a particular event that must occur in order for a party's duty to arise.Express conditions are explicitly stated in the contract and are usually preceded by words such as conditioned on,if,provided that,or when.

[Dream Home] Jacob Finds a Dream Home on the Lake