The sales contract says the buyer will purchase only if an attorney approves the sale by the following saturday. the attorney's approval is a?

Respuesta :

If the sales contract states that the purchase will take place only if the attorney approves then a contract is a contingency contract.

There are different types of contracts explicit contract, implicit contract, general contract, specific contract, etc. One among these contracts is a contingency contract. Under this type of contract unless the condition stated in the contract is fulfilled the contract will be null and void. In this case, it is the approval of the attorney.

The contingent contract states under which conditions will the actions of the contract be applicable. A contingent contract is usually made when the parties of the contract are unable to come to a mutual understanding within themselves. In this case, the buyer is unable to get into the contract with the seller. To do so, he requires the approval of the attorney. So in such cases, these contracts will be called contingency contracts.

Learn more about contingency contracts here:

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