What is the definition of “in contemplation of” in law or contract terms?
What is the definition of “in contemplation of” in law or contract terms?
In legal terms, the phrase “in contemplation of” is an important one. It comes up frequently in contracts and is used to describe a person's intentions or expectations at the time a contract is formed. For example, if you've been looking to buy a house for months, but haven't made an offer yet, it could be said that you are “in contemplation of” buying a house. However, although this phrase is often used in legal settings because it has a well-established precedent, its exact meaning is open to interpretation by courts. If a court determines your intentions were not strong enough when you entered into a contract or agreement, you might have difficulty enforcing it.
In notary law, a legal document is in “contemplation of” another document if the parties involved have discussed that other document and have negotiated or agreed to its terms.
In contract law, an oral contract is legally binding if the intent of both parties was to be bound by the agreement before it was signed. However, this type of contract may later be considered voidable by one party if they were coerced into signing it (for example, if someone held a gun to your head).
In real estate law, an offer to purchase a property is held in contemplation of another property, meaning that if you’re interested in multiple properties and make an offer on one, you’re also interested in buying any other properties you’ve also offered an offer on (the exception being if you withdraw your offer for one property before making it on another).
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Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
