Condition precedent - Study guides, Class notes & Summaries

Humber Real Estate - Course 2, Module 17, Writing Conditions to be Included in an Agreement of Purchase Sale 2023 Questions and Answers Binding agreement When an offer doesn't contain any conditions, it's a _________ _________ once accepted by all parties. - Condition precedent - Condition subsequent What methods can be used to draft conditions? A true condition precedent. If a party is not permitted to waive a condition and is required to fulfill the condition, what is this called? ...

Fee simple - Also called fee simple absolute or indefeasible fee, this fee estate is the most complete form of ownership without limitations or conditions Life estate - Grants possession and limited ownership of the property to a person for the duration of the recipients life or the life of another person Fee simple qualified estate - Also called fee simple defeasible estate. 3 different types Few simple precedent - Ownership (title) won't pass from one person to another until a partic...

What is the name given to the collection of written decisions? - Answer- Case Law Explain the concept of the Rule of Precedent. - Answer- Current court decisions must follow those made in cases having similar circumstances, which allows the development of a logical body of general principles against which specific cases to be compared. Explain the meaning of the term "damages". - Answer- Compensation in money for the loss or damage suffered. Compensatory damages for bodily injury are ...

Law of Large numbers correct answers Mathematical principle used by insurers to predict losses to charge the appropriate premiums Insurable Interest correct answers Proof that someone stands to lose financially if a loss occurs; must exist at the time of the loss in property and casualty insurance Risk correct answers Chance of loss; uncertainty of loss Speculative Risk correct answers Involves the simultaneous chance of gain or loss: is not insurable Pure Risk correct answers a risk...

Impossibility of Performance - ️️A doctrine under which a party to a contract is relieved of his or her duty to perform when performance becomes objectively impossible or totally impracticable (through no fault of either party) Novation - ️️The substitution, by agreement, of a new contract for an old one, with the rights under the old one being terminated. Typically, this involves the substitution of a new party for one of the original parties to the contract Anticipatory Repudiati...

Humber Real Estate - Course 2, Module 19, Additional Sale-Related Documents and Other Legal Obligations Questions and Answers The brokerage - Answer️️ -As a salesperson, you may not be required to prepare a trade record sheet. They are typically done by who? True. Any changes must be in a new document called an amendment. Only the altered or amended term(s) are written in the new document, and it's meant to be read in conjunction with the existing agreement. - Answer️️ -True or ...

breach - .one party announce not perform .one party make it impossible to perform .failure to perform capacity issue - .intoxication/ substance impairment .incompetence .age .language case law - court interpreted legislation applying to specific set of facts common law - system of historical customs and accumulated court decisions evolved through English legal system become body of law common mistake - all party hold same erroneous belief regarding fact of contract compliance dower ac...

The Salesperson can obtain information and verify using the following sources: - listing data sheet, including by contacting the listing Salesperson - various source documents, such as a deed, survey - seller's disclosure document regarding property conditions - seller's pre-listing home inspection, if available - online information available from the municipality When preparing the "offer plan" before drafting the offer, how information can be obtained and verified by the Salesperson?...

Humber Real Estate - Course 2, Module 17, Writing Conditions to be Included in an Agreement of Purchase Sale 2023 Questions and Answers Binding agreement When an offer doesn't contain any conditions, it's a _________ _________ once accepted by all parties. - Condition precedent - Condition subsequent What methods can be used to draft conditions? A true condition precedent. If a party is not permitted to waive a condition and is required to fulfill the condition, what is this called? ...

CAIB 3 Practice Exam Questions and Answers Already Passed What is the name given to the collection of written decisions? Case Law Explain the concept of the Rule of Precedent. Current court decisions must follow those made in cases having similar circumstances, which allows the development of a logical body of general principles against which specific cases to be compared. Explain the meaning of the term "damages". Compensation in money for the loss or damage suffered. Compen...