Alabama Real Estate Practice Exam

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What describes conditions and contingencies in a contract?

  1. They are terms that cannot be altered or waived

  2. Only the seller can add them to the contract

  3. They must always be financially related

  4. They can describe actions that must be met for the contract to be valid and can be waived by the benefiting party

The correct answer is: They can describe actions that must be met for the contract to be valid and can be waived by the benefiting party

Conditions and contingencies in a contract refer to terms or requirements that must be met in order for the contract to be valid and binding. This can include actions or events that must take place before the contract can be completed, and they can be waived by the party who benefits from them. Options A and B are incorrect because conditions and contingencies can be altered or waived by the parties involved in the contract. Option C is incorrect because conditions and contingencies do not always have to be financially related.

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