Three Definitions for ‘Contingency’
Introduction
The criterion for this assignment is to compose three definitions for a term common in your field of studies. I have chosen the term ‘contingency’ and have defined it for an individual who is unfamiliar with this word such as a dancer who.
Parenthetical definition:
Contingency (requirement for moving forward).
Sentence definition:
| Term | Class | Distinguishing Features |
| Contingency | A conditional agreement | In real estate required for a transaction to be completed |
Expanded definition:
Analysis of parts
A contingency is an agreement in which conditions must be met to successfully fulfill a transaction.
- Contingency requires a buyer and a seller. The buyer is the party responsible for creating contingency.
- Contract is a document to provide a timeline and list specific conditions. This timeline can range from a week to months depending on the conditions set. These conditions can include repairing damaged pipes or allowing the seller a time frame to back out of the offer (The Real Estate Contingency Contract: 8 Common Clauses, 2022).
Visuals
(SemiColonWeb, n.d.)
Examples
Contingency is used in real estate transactions. It is used to ensure the conditions of the home are to the expectations of the buyer before a purchase is made. The contingency is also used for finance and ensuring the price of the home is appropriate. Contingency can also be used to collect information on the history of the house such as past owners or issues with the property (Mastroeni, 2018).
Comparison and Contrast
Contingency can be used in the case of COVID-19. Mask mandates are set and therefore if you do not wear a mask, you will be unable to enter the store. Similarly, contingency is the idea where if a requirement is not met successfully, the transaction will not go through.
Works Cited
Mastroeni, T. (2018, August 27). The Five Most Common Home-Buying Contingencies, Explained. Forbes. https://www.forbes.com/sites/taramastroeni/2018/08/27/the-five-most-common-home-buying-contingencies-explained/?sh=66c38a953786
SemiColonWeb. (n.d.). Contingency Plan Template | Download Contingency Templates. Powerslides. https://powerslides.com/powerpoint-business/business-plan-templates/contingency-plan/
The Real Estate Contingency Contract: 8 Common Clauses. (2022, March 6). FortuneBuilders. https://www.fortunebuilders.com/real-estate-contract/
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