Marigold finds her dream home in the Rocky Mountains. She wants to buy it but is unsure whether she can get a loan. She signs a contract with the seller that she will buy the home provided that she can obtain a loan. Marigold also includes a clause in the contract with the seller stating that if she loses her job before the date the purchase contract is signed, the seller will release her from any obligation. After obtaining a loan and buying the home, Marigold decides she wants to have new windows installed. She enters into a contract with a window contractor. The window contractor visits the home, but never finds Marigold there. The contractor makes several attempts to reach Marigold, but Marigold does not return phone calls and makes no attempt to assist the contractor in arranging the window installation. What is the provision that the seller will release Marigold unless she is able to obtain a loan called? An exculpatory condition A condition precedent A condition subsequent A condition concurrent

Marigold finds her dream home in the Rocky Mountains. She wants to buy it but is unsure whether she can get a loan. She signs a contract with the seller that she will buy the home provided that she can obtain a loan. Marigold also includes a clause in the contract with the seller stating that if she loses her job before the date the purchase contract is signed, the seller will release her from any obligation. After obtaining a loan and buying the home, Marigold decides she wants to have new windows installed. She enters into a contract with a window contractor. The window contractor visits the home, but never finds Marigold there. The contractor makes several attempts to reach Marigold, but Marigold does not return phone calls and makes no attempt to assist the contractor in arranging the window installation. What is the provision that the seller will release Marigold unless she is able to obtain a loan called? An exculpatory condition A condition precedent A condition subsequent A condition concurrent

Similar questions

Gemma promises a local hardware store that she will pay for a lawn mower that her brother is purchasing on credit if the brother fails to pay the debt. Must this promise be in writing to be enforceable? Why or why not?
b) Johnson is an estate agent and he has been asked by his client to sell for him three products A,B and C.He agrees to pay him 5% commission on each sale and specifies certain conditions: the state agent must sell property A first within 60 days. If and when A is sold, the agent receives a commision on that sale. He can then either back out at this stage or nominate and try to sell one of the remaining two properties within 60 days. If he does not succeed in selling the nominated property at that period,he is not given the opportunity to sell the other. If he does sell it in that period, he is given the opportunity to sell the third property on the same conditions. The following table summarises the prices, selling costs (incurred by the sales agent whenever a sale is made) and the estate agent's estimated probability of making a sale. Property i. ii. A B price of property 12,000 C 25,000 50,000 selling costs probability of sale 400 225 0.7 ( 0.6 0.5 450 Draw up an appropriate…
Steve was hired to paint the outside of Denise's house for a price of $1500. Steve showed up everyday to paint and the job was completed in about three weeks. He told Denise he would come- to pick up his payment on Thursday. On Wednesday, Denise me py noticed that one of the spots on the back of the house needed to re-done because it looked messy. When Steve asked for payment Denise refused to pay him anything telling him that he did a messy job and he would have to sue her. Steve is entitled to payment under a theory of subjective contracts. Denise will win because Steve breached the contract. Steve is entitled to payment under a theory of substantial performance. Denise will win and not have to pay anything.
Daniel, a property developer, is selling a house to Peter, who is 25 years old and intellectually impaired. Houses of an equivalent size and quality in the area generally go for about half the price that Daniel has negotiated with Peter. Peter has paid the deposit and waived the cooling off period under the contract. Peter’s cousin, Jeremy, learns of the deal and is very concerned. Jeremy is Peter’s legal guardian. What can he do legally to help Peter? (Explain how those laws may be interpreted by existing common law and equitable rules and applied to property laws).
Lorraine and Darius are friends. Lorraine is engaged and wants to have the wedding of her dreams, but she cannot afford it. Darius wants to help with this, so he anonymously gives Lorraine $10,000. Lorraine is happy and does have the wedding of her dreams. A month later, Darius loses his job and asks Lorraine for the $10,000 back. Lorraine refuses. Darius sues Lorraine. The court will a. order Lorraine to pay Darius the money because she used the money. b. not order Lorraine to pay Darius the money because valid consideration was not present. c. order Lorraine to pay the money because anonymous gifts of money must be repaid. d. not order Lorraine to pay the money because there was nothing in writing.
An apartment building in Ithaca, New York with 72 units was financed with a $7.2 million non-recourse first mortgage loan at a 3.6% annual interest rate and an additional $3.6 million fully recourse second mortgage loan at a 7.2% annual interest rate. The owner later borrowed another $720,000 with a fully recourse third mortgage loan at a 10.8% annual interest rate. The borrower ultimately found itself in financial distress and unable to make the monthly mortgage payments on the three outstanding mortgage loans and the property went into foreclosure. What happens to the claims of the second and third mortgage lenders if the foreclosure lawsuit by the first mortgage lender includes all junior mortgage lenders and the property is sold to an unrelated third party for a net price of $6.6 million at the foreclosure sale? a. The mortgage liens of the junior claimants and the loan amounts owed to them are unaffected by the foreclosure sale b. The mortgage liens of the junior claimants are…
Eric and Susan just purchased their first home, which cost $140,000. They purchased a homeowner’s policy to insure the home for $130,000 and personal property for $80,000. They declined any coverage for additional living expenses. The deductible for the policy is $500. Soon after Eric and Susan moved into their new home, a strong windstorm caused damage to their roof. They reported the roof damage to be $19,500. While the roof was under repair, the couple had to live in a nearby hotel for three days. The hotel bill amounted to $420. Assuming the insurance company settles claims using the replacement value method, what amount will the insurance company pay for the damages to the roof?
Max and Jack enter into a contract which states: "Jack will paint Max's kitchen blue and Max promises to pay Jack $200 upon completion." Which is an example of an implied condition? That Max will pay Jack upon completion of the painting. That Jack will use blue paint when painting Max's kitchen. That Max will allow Jack access to his kitchen That Max will pay Jack $200.
Arthur owns a property with a large back yard that is usually lit at night by bright floodlights. For months he has been asking local teenagers to stop using his yard as a ‘short-cut’ to the bus stop, but they continue to ignore him. Arthur decides to install an in-ground swimming pool. Last Saturday night, after the pool contractor has spent the day excavating a large hole, Arthur decided not to switch on the floodlights. At 11 pm, one of the teenagers, Gerry, fell into the hole and suffered serious injuries. Explain whether Arthur is likely to be liable in negligence. (Explain the operation of the Australian legal systems and processes relevant to contract and consumer law, including basic principles of the law of torts, particularly relating to negligence and negligent misstatement).
Xavier and Adam enter into a written contract for the sale of DJ equipment. Their contract states that risk of loss shall pass to the buyer at the time the contract is signed. Since this is contrary to Article 2 of the UCC, this clause is unenforceable. True False
A bailment is a transfer of possession of personal property without a transfer of ownership; the receiving party agrees to return the property at a later time. Bailor is the owner and transferor of the goods. Bailee the party accepting possession of goods from a bailor. Sub-bailee is the party who received the property from the bailee. John, whose mother’s name, Maria, died. He contacted the funeral home, Thompson Funeral Home, to have the body of his mother cremated and her ashes stored in an urn. The urn was to be held until after the father of John died before deciding of what to do next. Four years later, the father of John died. The funeral home cremated the remains and placed them in another urn. The funeral home sought the instruction of John about what to do with two urns, but John was still unsure where he wanted to bury them. Later, John instructed the funeral home to send the urns to Westside Cemetery for burial in common grounds. Common grounds involve storage vault without…
Jill is an American making dresses in Alabama whose business is based on U.S. dollars. Jill has agreed to accept 1,000 Euros for the dresses she sold to a customer in Europe, with payment due in one month. True or false, Jill's profit on this transaction would be less than she anticipated at the time of the agreement, if changes in the conversion rate for Euros into U.S. dollars after the date of the agreement meant that Euros were worth less in U.S. dollars on the day that the customer actually paid her the 1,000 Euros. True or False?