Definition from Nolo’s Plain-English Law Dictionary
A provision in a contract stating that some or all of the terms of the contract will be altered or voided by the occurrence of a specific event. For example, a contingency in a contract for the purchase of a house might state that if the buyer does not approve the inspection report of the physical condition of the property, the buyer does not have to complete the purchase.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:13 pm