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- A condition precedent is a condition or an event that must occur before a right, claim, duty, or interests arises. A condition precedent is contrasted with a condition subsequent.
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A condition precedent is a condition or an event that must occur before a right, claim, duty, or interests arises. A condition precedent is contrasted with a condition subsequent. In a contract, a condition precedent is an event that must occur before the parties are obligated to perform.
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- Condition Subsequent
- What Is A Condition Precedent?
- Understanding Condition Precedent
- Examples of Condition Precedent in Individual and Business Contracts
A condition precedent is a legal term describing a condition or event that must come to pass before a specific contract is considered in effect or any obligations are expected of either party. There may also be condition precedents in the ongoing life of a contract, which state that if condition X occurs, event Y will then occur. Condition X is the...
For example, in real estate, a mortgagecontract will have a condition precedent that an inspection to assess the condition and value of the property must occur. That assessment must be agreed upon by both the buyer and the lender before the mortgage contract takes effect. Condition precedents are also quite common in willsand trusts, where the tran...
Complex stipulations may constitute the condition precedents for an estate or contract. For example, the assets of an estate might be held in trustwith specific disbursements only granted to the recipients at specific milestones. This can include graduating from different levels of schooling, having children of their own, or buying a home. Business...
- Will Kenton
Mar 30, 2017 · The term condition precedent refers to something that must happen, or a circumstance that must exist, before something else will happen. This is a common issue in contract law, where one party is to perform his duties under the contract only after the other party has performed his.
Feb 1, 2023 · Basically, a condition precedent is a specific event that is listed in a contract. Before this event takes place, the contract is not in effect, and the parties are not obligated in any way. However, after the event, the requirements of the contract must be performed .
Feb 1, 2023 · Condition Precedent: Everything You Need to Know. A condition precedent is an explicit or implicit clause within a contract that says the other party must accomplish its duty before the contract can move forward. 5 min read updated on February 01, 2023. What Is a Condition Subsequent?
A condition precedent is an event or state of affairs that is required before something else will occur. In contract law, a condition precedent is an event which must occur, unless its non-occurrence is excused, before performance under a contract becomes due, i.e., before any contractual duty exists.
noun [ C ] uk us plural conditions precedent. Add to word list. LAW. something that must be done before an official agreement can become law: Full compliance with the relevant procedure will be a condition precedent to the completion of the transaction. Compare. condition subsequent.
