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Contingencies in a Real Estate Agreement

Contingency clauses in a real estate contract are clauses put in to allow either the buyer or the seller to walk away from the real estate transaction without penalty if a particular event should happ...

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Can I change my mind after entering a contract?

If you change your mind after signing or entering a contract, there are ways to avoid your obligations. It may be difficult, but sometimes performing a contract obligation is more costly than the alte...

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What is a unilateral contract?

A unilateral contract is a contract where only one person makes a promise. A unilateral contract is distinguished from a bilateral contract, where there is a mutual exchange of promises (each party to...

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What is a fixed price contract?

A fixed price contract is a contract wherein a specified amount of money is promised in order to pay for the completion of a project or task. Fixed price contracts are commonly used in building/constr...

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What is a bare contract?

A bare contract is a contract that is not legally enforceable because it is missing an essential legal requirement for contracts called consideration. A bare contract essentially refers to a promise t...

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Are there different kinds of contract acceptance?

There are three types of contract acceptance including express acceptance, implied acceptance, and conditional acceptance. In the world of merchant agreements, formal contracts are sometimes too tedio...