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William enters into an agreement with Phyllis to advance $300 000 to Phyllis for the purchase of ...

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William enters into an agreement with Phyllis to advance $300 000 to Phyllis for the purchase of ...

William enters into an agreement with Phyllis to advance $300 000 to Phyllis for the purchase of garage equipment. Phyllis agrees to give William a mortgage over her home as security for the advance of the money. The terms of the agreement contain an appraisal provision that the commitment to make the loan is subject to an appraisal of Phyllis' home of at least $350 000. The appraisal provision is known as:

▸ a condition precedent.

▸ an implied term.

▸ a condition term.

▸ a warranty.

▸ a condition subsequent.

Textbook

Legal Fundamentals for Canadian Business

Edition: 4^th

Author: Yates

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