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"Contingency" is a fancy word used in contracts to describe something that has to happen before the contract can be completed. Think of it like a condition that needs to be met first.
Imagine you're buying a house and you want to make sure it passes a home inspection before you agree to buy it. You and the seller would include a contingency in your contract that says the sale is dependent on the house passing the inspection. If it doesn't pass, you can cancel the contract without any penalties.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
A contingency, you see,
Is a condition, just like a plea.
It must be met, before it's done,
So be sure to add it, one by one!
Buying a house, you have a wish,
To have it inspected, it's your dish.
A contingency you will include,
For inspection, you won't elude!
The contract is done, but wait, there's more,
The contingency must be explored.
If it's not met, you can walk away,
No harm, no foul, it's okay to stray!