What is a condition subsequent briefly explain with examples?
Table of Contents
- 1 What is a condition subsequent briefly explain with examples?
- 2 What is condition precedent and condition subsequent explain the rules relating to the performance of these conditions?
- 3 What is the difference between a condition precedent condition subsequent and concurrent condition give an example of each?
- 4 What are the three types of contractual conditions?
- 5 What is an example of a condition precedent?
- 6 What do you understand by condition precedent and condition subsequent?
- 7 What is a true condition precedent?
- 8 What is a condition precedent clause?
What is a condition subsequent briefly explain with examples?
A condition subsequent is an event or state of affairs that, if it occurs, will terminate one party’s obligation to the other. For example, a contract might state something like: the client will pay for the haircut, unless the hairdresser does not perform the haircut.
What is condition precedent and condition subsequent explain the rules relating to the performance of these conditions?
1. A condition precedent is one the fulfillment of which completes an inchoate title. A condition subsequent is one of the fulfillments of which extinguishes a title already completed. A condition precedent always comes before the creation of an interest.
What is the difference between a condition precedent condition subsequent and concurrent condition give an example of each?
A condition concurrent is something that must occur simultaneously with another condition. Each party’s obligation acts as a condition precedent for the other. A condition subsequent is something that occurs after another condition. This type of condition terminates the parties’ obligations and ends the contract.
What is a condition precedent and how does it affect a party’s duty to perform a contract?
What is a condition precedent, and how does it affect a party’s duty to perform a contract? If the condition is not satisfied, the obligations of the parties are discharged. A condition that must be fulfilled before a party’s performance can be required is a condition precedent.
What do you mean by condition subsequent?
plural conditions subsequent LAW. an event or a situation that means an official agreement is ended: The insurance company contested his claim on the grounds that he had left the building unattended in breach of the condition subsequent stated in the policy.
What are the three types of contractual conditions?
Types of Conditions Conditions precedent, conditions concurrent, and conditions subsequent are types of conditions that are commonly found in contracts.
What is an example of a condition precedent?
In a contract, a condition precedent is an event that must occur before the parties are obligated to perform. For example, an insurance contract may require the insurer to pay to rebuild the customer’s home if it is destroyed by fire during the policy period. The fire is a condition precedent.
What do you understand by condition precedent and condition subsequent?
A condition precedent is one the fulfillment of which completes an inchoate title. A condition subsequent is one of the fulfillment of which extinguishes a title already completed.
What does expressly conditioned mean?
An express condition occurs when both parties agree that an event, or series of events, must occur before the burden of responsibility to complete the contract arises.
What does commercially impractical mean?
Commercial impracticability is a form of excuse, excusing someone from performing a contract. That’s the whole point of a binding contract! Commercial Impracticability. • Commercial impracticability is for highly unusual situations far from what the parties could have reasonably expected would happen.
What is a true condition precedent?
A clause is a true condition precedent if the satisfaction of the condition within the clause is dependent on a future uncertain event, the happening of which depends entirely on the will of a third party.