Legal Contingency
/ˈliːgəl kənˈtɪndʒənsi/
Definitions
- (n.) A potential legal event or condition that must occur or be resolved before a particular legal right or obligation arises.
The contract included a legal contingency that the sale would only proceed if financing was approved.
- (n.) A clause in a legal agreement that makes the parties’ obligations dependent on a specified future event.
The lease agreement contained a legal contingency requiring tenant approval of renovations before commencement.
Forms
- legal contingency
- legal contingencies
Related terms
See also
Commentary
Legal contingencies commonly appear as conditions precedent in contracts, crucial for allocating risk and managing liability exposure.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.