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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.