An Example of a Condition Precedent in a Home Purchase

question 64

True/False

An example of a condition precedent in a home purchase contract is that the buyer must qualify for financing first.

---

Definitions:

Prospect Theory

A behavioral economic theory that describes how people choose between probabilistic alternatives that involve risk, where the probabilities of outcomes are known.

Pricing

The process of determining the value that will be charged for goods or services.

Packaging

The materials and methods used to protect and present goods for distribution, sale, and use.

Availability Heuristic

A mental shortcut that relies on immediate examples that come to mind when evaluating a specific topic or decision.