What is a contingency? Black’s Law Dictionary defines a contingency contract as “a contract, part of performance of which at least is dependent on the happening of a contingency.” It goes on to define the word contingency as “an event which may occur” and says that the term contingent, when applied to a legal right or interest, “implies that no present interest exits, and that whether such interest or right ever will exist depends upon a future uncertain event.”
So, in theory when one makes a contract or one’s performance under a contract contingent upon a stated event, then that event must occur else the duty ceases or never becomes operable.
Read the rest of the article here : lytle-law-article-reprint-contingencies
Lytle Law is a general practice law firm located in Newport News, Virginia. From two office locations on the Virginia Peninsula we serve clients and try cases across the Commonwealth including the Peninsula, Newport News, Hampton, Williamsburg, James City and York County areas. Lytle Law has the experience and ability to satisfy nearly all of a client’s legal needs, and where we believe we need help we will either associate appropriate counsel or provide a referral. www.LytleLaw.com
Brian Lytle is the president of Lytle Title www.LytleTitle.com Lytle Title & Escrow, LLC a Virginia licensed, insured, and bonded real estate settlement company doing business as Lytle Title. With offices in Newport News and WIlliamsburg, Virginia, primarily serving the Virginia Peninsula (Hampton, Newport News, York County,Poquoson, James City County and Williamsburg), but we also regularly serve surrounding areas, to include New Kent, West Point, Suffolk, Isle of Wight, Gloucester and the greater Tidewater and Hampton Roads areas of Virginia.
Brian D. Lytle, Esq., Lytle Law, P.C. http://www.lytlelaw.com Reprinted with permission of the author. This article was originally published in the Realtor Update , a publication of the Virginia Peninsula Association of Realtors ®
The law may have changed since this article was written and published so caution is advised.
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