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LSDefine

Simple English definitions for legal terms

caution money

Read a random definition: King's Counsel

A quick definition of caution money:

Caution money, also known as earnest money, is a deposit made by a person who wants to buy something, usually real estate. This deposit shows that the person is serious about buying and intends to complete the transaction. If the person fails to follow through with the purchase, they may lose the deposit. In real estate, the deposit can be a large amount of money, often up to 10% of the purchase price. The purpose of the deposit is to provide compensation to the seller if the buyer defaults on the agreement.

A more thorough explanation:

Caution money, also known as earnest money, is a deposit made by a potential buyer to show their intention to complete a transaction, usually in the context of real estate. This deposit is often held in escrow and can be forfeited if the buyer fails to follow through with the purchase.

For example, if someone wants to buy a house, they may be required to put down a certain amount of caution money to show that they are serious about the purchase. If they later decide not to go through with the sale, they may lose this deposit.

Caution money is not just a token amount, as it can often be thousands of dollars. Its primary purpose is to serve as a source of payment for damages if the buyer defaults on the purchase.

It's important to note that caution money is not always necessary to make a purchase agreement binding. If the buyer and seller exchange mutual promises of performance, such as the buyer's promise to purchase and the seller's promise to sell at a specified price and terms, this can be enough to make the contract legally binding.

cautioner | cautionry

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starfishies
11:50
i fully expect to change my career again but i think its just cause i dont like any jobs lol
starfishies
11:51
teaching is not it guys
babycat
11:55
I used to sub teach and it was pretty fun but I was always in elementary school
babycat
11:56
high school seems crazy
if teachers made any money i'd be teacher i like working with kids but also w the way the education system is now it's so disincentivizing (also you're broke)
high schoolers genuinely can't write like. physically pen on paper it's so bad
i was a TA and it was genuinely insane any sense of like manners or how to act in an academic setting has gone down the drain
HopefullyInLawSchool
12:02
Im a leader for a youth group and seeing how parents act I could only imagine being a teacher
BulbasaurNoLikeCardio
12:03
I loved my last job, current job is okay but super boring and no meaning. Law should be pretty chill
JumpySubsequentDolphin
12:03
i used to work w kids and one time one of them asked me if I could tell them what the n word is
HopefullyInLawSchool
12:04
The kids around me will say brainrot
HopefullyInLawSchool
12:05
Skibi
HopefullyInLawSchool
12:05
Hawk Tuah
starfishies
12:06
i taught middle school and high school... do anything else!
starfishies
12:07
and my kids actually liked me! cant imagine if they dont
babycat
12:07
the kids in elementary school were saying gyatt can you imagine
babycat
12:07
our poor children
HopefullyInLawSchool
12:07
The kids I help with are 11-18, its always interesting to see how they change (or dont)
HopefullyInLawSchool
12:10
But really I hold parents responsible, parents really determine 90% of what their child is like. Especially the younger children
12:13
rise and shine bitches
12:14
@jackfrost11770: the money is in extorting tutor payments from rich parents
HopefullyInLawSchool
12:14
@EvolBunny: we feelin a crash out today?
12:14
"oh no, little jonny may have his college options limited with a b in math, but for 200 per hour i promose i can get him an A (: "
snow
12:14
congrats on tech hopeful!
HopefullyInLawSchool
12:15
Thank you!! @snow
snow
12:15
we may be classmates lol
HopefullyInLawSchool
12:15
:()
12:15
even more cows to milk at high end private schools
snow
12:15
but its still really early in the cycle!
HopefullyInLawSchool
12:15
i wish there's emojis
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