[Dream Home] Jacob Finds a Dream Home on the Lake

question 61

Multiple Choice

[Dream Home] Jacob finds a dream home on the lake. He wants to buy it but is unsure whether he can get a loan. He signs a contract with the seller that he will buy the home provided that he can obtain a loan. Jacob also includes a clause in the contract with the seller stating that if he loses his job before the date the purchase contract is signed, the seller will release him from any obligation. After obtaining a loan and buying the home, Jacob decides he wants to have new windows installed. He enters into a contract with a window contractor. The window contractor visits the home, but never finds Jacob there. The contractor makes several attempts to reach Jacob, but Jacob does not return phone calls and makes no attempt to assist the contractor in arranging the window installation.
-The provision that the seller will release Jacob from any obligation if he loses his job is a(n) ________.

• A) Condition subsequent
• B) Condition precedent
• C) Bona fide condition
• D) Condition concurrent
• E) Exculpatory condition

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Definitions:

IQ Score

A measure of a person's intelligence as indicated by an intelligence test, where the average score is standardized to 100.

Mean Score

A statistical measure representing the average value of a set of numbers, calculated by dividing the sum of all values by the number of values.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how spread out the values are from the mean.

Standard Deviation

A measure of the dispersion or variability within a set of numerical data, indicating how spread out the numbers are.