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 unless he is able to obtain a loan is a(n) _______.
'Multiple Choice
Condition subsequent
Condition precedent
Bona fide condition
Condition concurrent
Exculpatory condition

the practice or act of giving. the fact or state of having planned ahead; an action made in advance to address a requirement or contingency: preparation. made provision for replacements; a supply of essential goods.

What is a provision example?

A provision is a sum of money placed aside to cover potential expenses or other losses, including drops in asset value. Bad debt, loan losses, tax payments, pensions, warranties, out-of-date goods, restructuring charges, and asset impairment are examples of provisions.

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