contract of hazard

Thân thiện

A farmer signs a contract of hazard for a large field.

Definition

Noun A contract for the sale of a tract of land as a single, whole unit, without any guarantee or warranty from the seller regarding its exact acreage or area. The buyer accepts the risk that the actual area may differ from what was estimated or assumed.

Usage

This term is used in specific legal and real estate contexts to describe a type of property sale agreement. It emphasizes that the sale is for the tract "as a whole" and that the price is not contingent on a precise measurement.

Examples

• The historical deed was a contract of hazard, selling the entire wooded lot for a fixed sum, "more or less."
• In some jurisdictions, a contract of hazard is permissible for large, undeveloped parcels where an exact survey is impractical.
• The buyer assumed all risk under the contract of hazard, as the seller provided no warranty as to the acreage.

Advanced Usage

• Legal Principle: This type of contract operates on the principle of ("let the buyer beware") concerning the quantity of land. The transaction is final regardless of a later discovery that the land area is larger or smaller than expected.
• Modern Context: While less common today due to advanced surveying and standard real estate practices, the concept may still appear in certain rural land sales or in historical document analysis.

Variants and Related Words

• Sale in gross: A similar term sometimes used interchangeably to denote a sale of land without a warranty of quantity.
• Contract for sale: The general legal term for an agreement to sell property.
• Warranty deed: A deed that provides guarantees (including about the property), contrasting with a contract of hazard.

Synonyms

• Sale in gross
• Lump-sum land sale (descriptive synonym)

Notes

This is a specialized legal term. It is not a commonly used phrase in everyday English and is primarily encountered in legal documents, historical records, or academic discussions of property law.

Học thuật

Noun

1. a sale of a tract of land as a whole without a warranty as to the acreage

Từ đồng nghĩa

• sale in gross