Conditional Contract With Examples

State:
Multi-State
Control #:
US-02965BG
Format:
Word; 
Rich Text
Instant download

Description

The Conditional Sales Contract is a legal document outlining an agreement between a Buyer and a Seller for the purchase of goods under specific conditions. This contract stipulates that ownership of the goods remains with the Seller until the Buyer pays the full purchase price, which is detailed in the attached Exhibit A. The form includes provisions for the sale price, sales tax, finance charges, and monthly payment obligations. It also specifies that the Buyer must maintain insurance on the goods and allows the Seller to reclaim the goods in case of default, including stipulations about attorney fees related to enforcement. Key features include clear payment schedules and buyer responsibilities, making it essential for parties engaged in conditional sales transactions. Attorneys, partners, and legal staff will find this form helpful in structuring agreements with clear terms, protecting their clients' interests, and ensuring compliance with applicable laws. The form is particularly useful when financing goods, as it lays out clear conditions for ownership and payment defaults.
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FAQ

What to Include for a Conditional Contract Concerning a Mortgage: The name of the lender. The amount of the advance. The time limit by which application must be determined. Should the buyer be entitled to withdraw from the contract if the mortgage offer is subject to certain conditions or a retention is to be made.

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.

A conditional contract in insurance is an agreement between two parties in which one party agrees to provide insurance coverage to the other party if a certain event occurs. The event that must occur before the insurance coverage takes effect is typically specified in the contract.

A conditional contract, also called a hypothetical contract, is a binding legal document that includes a clause stipulating the prior performance of another agreement before it can be enforceable.

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Conditional Contract With Examples