The entire transaction which is the subject of the request must be an actual–not a hypothetical–transaction but need not involve only prospective conduct. However, a request will not be considered unless that portion of the transaction for which an opinion is sought involves only prospective conduct. An executed contract is not a prerequisite and, in most–if not all–instances, an opinion request should be made prior to the requestor’s commitment to proceed with a transaction.

Terms Used In 28 CFR 80.3

  • Contract: A legal written agreement that becomes binding when signed.