Contingent Contract With Case Law In King

State:
Multi-State
County:
King
Control #:
US-00442BG
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Word; 
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Description

There are various types of attorney fee arrangements such as time based, fixed, or contingent. Time based means a fee that is determined by the amount of time involved, such as so much per hour, day or week. Fixed means a fee that is based on an agreed amount, regardless of the time or effort involved or the result obtained. Contingent means a certain agreed percentage or amount that is payable only upon attaining a recovery, regardless of the time or effort involved.


With a contingent fee arrangement, the lawyer receives no fee unless money is recovered for the client. Upon recovery, the lawyer is paid an agreed-upon percentage, usually ranging from an amount equal to 25 to 50 percent of the amount recovered. A written fee agreement should specify the costs and expenses to be deducted and whether such costs and expenses are to be deducted before or after the contingent fee is calculated. Contingent fee agreements are generally not permitted for criminal cases or domestic relations matters.


Even if there is no recovery, however, the client is still responsible for court costs (filing fees, subpoena fees, etc.) and related expenses, such as telephone charges, investigators' fees, medical reports, and other costs.


This form is a fairly typical contingent fee agreement

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FAQ

Technically, yes — a seller can back out of a contingent offer. Before agreeing, they can choose to reject or counter the original offer with their own terms. Once the offer is accepted, if the contingencies aren't met, the seller can back out but there may be legal or financial implications involved.

Adequacy ensures fairness in the exchange, legality ensures compliance with the law, and mutuality ensures balance in the agreement. However, there are exceptions to the rule of consideration, such as promissory estoppel, completed gifts, agency, and contracts of gratuitous bailment.

An exception clause is a provision in a contract that acts as a safety net, protecting parties from certain unforeseen events or circumstances.

| Contracts. Section 2(f) of The Indian Contract Act, 1872 says that “Promises which form the consideration or part of the consideration for each other, are called Reciprocal Promises”.

Some cases may constitute exception. However, the event must not be of impossible character. In a contingent contract, there should be some event collateral to the contract. If the event consist in the performance of the contract itself by one party it is not a contingent contract.

Example of a Contingency Contract One straightforward example might be a child who agrees with their parent that if they get an A in a particular class, they will get a new bicycle. Of course, the contract may be verbal, and it may be between family members.

Contingent contracts to do or not to do anything if an uncertain future event happens cannot be enforced by law unless and until that event has happened. If the event becomes impossible, such contracts become void.

There must be a valid contract to do or not to do something. The performance of the contract must be conditional. The said event must be collateral to such contracts and the event should not be at the discretion of the promisor. These are some rules that have to be followed for a contingent contract to be enforceable.

In the case of conditional contracts, conditions that need to be fulfilled are certain, i.e., bound to happen, which is not the case with contingent contracts, as such conditions may or may not happen.

A contingency clause in a real estate contract is a condition that must be met for the contract to become legally binding. Essentially, it provides a way for the buyer or seller to exit the agreement without penalty if certain conditions are not fulfilled within a specified timeframe.

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Contingent Contract With Case Law In King