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What Does The Word Contingent Mean In Law

Februari 03, 2023 Posting Komentar

However the contract cannot be enforced by law unless the event takes place. In a life insurance policy or an annuity plan contingent beneficiary gets proceeds from the policy in the event of a demise of the primary beneficiary at the same time as that of the insured.

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Uncertain because of uncontrollable circumstances.

What does the word contingent mean in law. Contingencies are special conditions or requirements set by the buyer before fully agreeing to the purchase. The word contingent is associated with the word beneficiary in the life insurance dynamic. It could also mean dependent on something else.

A contingent remainder is the right to possess property after the death of a person who holds a life estate in the land provided a specified condition is fulfilled. Basically what the word contingent or a contingency means is that there is a condition that is written into the contract. In such cases the promisor is liable to do or not do something if the event happens.

Contingency the state of being contingent on something Sense 3. If youre part of the 61 percent of Americans who spend up to two hours per week online searching for their dream home chances are youve seen your fair share of listings marked with the word contingent. If a property is pending the provisions on a contingent property were successfully met and the sale is being processed.

A person or entity named to receive a gift under the terms of a will trust or insurance policy who will only receive that gift if a certain event occurs or a certain set of circumstances happen. A contingent status means a real estate listing indicating that the seller has accepted an offer but that there are contingencies that prevent the sale from being final. Contingency the state of being contingent on something.

The quality or condition of being contingent. The results of confession were not contingent they were certain. In regards to life insurance contingent usually means secondary.

What does a contingent mean. Uncertain not certain to occur. Esp dependence on chance or uncertain conditions.

For example a contingent beneficiary is a secondary beneficiary not the primary beneficiary. How to use contingent in a sentence. The word contingent denotes that there is no present interest or right but only a conditional one which will become effective upon the happening of the designated condition.

In its simplest form contingency means dependent on or conditioned by something else Contingency in real estate is an agreement between the buyer and seller that the real estate transaction will go through only once and if the agreed-upon conditions are met. Many people falsely believe that if they lose the case. Rule 1 Contracts Contingent on the happening of an Event.

For instance the owner of the policy chooses hisher spouse as the primary beneficiaryHowever the spouse dies at. In its simplest form contingency means dependent on or conditioned by something else. For example As acceptance of the position was contingent upon the firms agreeing to guarantee her husband.

A contingent contract might be based on the happening of an uncertain future event. A property listed as contingent means the seller has accepted an offer but theyve chosen to keep the listing active in case certain contingencies arent met by the prospective buyer. Contingencies are requirements that must be met in order for a sale or agreement to close.

For example the trust was contingent. Contingent definition is - dependent on or conditioned by something else. Something that might possibly happen in the future usually causing problems or making further.

What does contingent on a will mean. Contingent Law and Legal Definition. Paying a lawyer on contingency means that the plaintiff agrees that the attorney s fee will be determined by the amount of the settlement awarded to the plaintiff should the case be decided in his or her favor.

If the plaintiff does not win the case the attorney will receive no fee. Law Legal Issues. In the world of real estate contingent refers to a status indicating that the seller accepted a buyers offer in which contingencies are included.

A contingent beneficiary is basically your secondary beneficiary. Contingent refers to an event that may or may not happensomething that is possible uncertain or unpredictable. A group of people representing an organization or country or a part of a military force.

But what does contingencies mean. Synonym Discussion of contingent.

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