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Questions and Answers
Which of the following is a legal term used to describe a situation where a party is only required to perform their obligations if a certain event occurs?
Which of the following is a legal term used to describe a situation where a party is only required to perform their obligations if a certain event occurs?
- Conditional
- Contractual
- Compensatory
- Contingent (correct)
What is the difference between contingent and conditional contracts?
What is the difference between contingent and conditional contracts?
- Conditional contracts are always fulfilled, while contingent contracts may or may not be fulfilled (correct)
- Contingent contracts are always fulfilled, while conditional contracts may or may not be fulfilled
- Contingent contracts are only used in real estate transactions
- There is no difference
Which of the following is a common example of a contingent contract?
Which of the following is a common example of a contingent contract?
- A tenant must pay rent on the first of every month
- A contractor is only paid if they complete the project on time (correct)
- A seller must deliver goods to a buyer after payment is received
- An employee is paid a fixed salary every month
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