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A conditional contract, also called a hypothetical contract, is a contract agreement that only requires performance once the delineated conditions are met. This legal agreement requires prior performance of another agreement or clause in order to be enforceable.

A conditional contract is an agreement or contract conditional upon a specific event, the occurrence of which, at the date of the agreement, is uncertain. A common example is a contract conditional upon the buyer getting planning permission.

A conditional contract is enforceable as long as the party subject to the condition does not have a complete control over whether the condition is fulfilled.

Types of contracts Fixed-price contract. ... Cost-reimbursement contract. ... Cost-plus contract. ... Time and materials contract. ... Unit price contract. ... Bilateral contract. ... Unilateral contract. ... Implied contract.

Terms Must Be Specific Expressed conditions that are implied, rather than written, can also sometimes be enforceable. Conditions are a series of facts and things that have to happen before parties to a contract have the obligation to perform. The conditions of the contract can be either precedent or subsequent.

The types of conditions in a contract can vary, but common ones include: Conditions precedent. Conditions concurrent. Conditions subsequent.

In summary, conditional contracts can come in different forms, such as executory, option and contingent contracts. These contracts are only binding if certain conditions are met before or after the contract is signed, and they are often used in insurance and real estate transactions.