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Conditions subsequent can be explicitly stated in the language of a contract, or implied by the nature of an agreement. [3] Implicit conditions subsequent often apply in the case of retail transactions, like point of sale purchases. [3] In property law, a condition subsequent is an event which terminates a party's interest in a property. [6]
This may also refer to contingent conditions, which come under two categories: condition precedent and condition subsequent. Conditions precedent are conditions that have to be complied with before performance of a contract. With conditions subsequent, parties have to perform until the condition is not met.
Breach of a condition will entitle the innocent party to terminate the contract. [3] A warranty [4] is less imperative than a condition, so the contract will survive a breach. Breach of either a condition or a warranty will give rise to damages. It is an objective matter of fact whether a term goes to the root of a contract.
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. [1]
However, an assignment of a contract containing such a clause will be ineffective if the assignee knows of the non-assignment clause, or if the non-assignment clause specifies that "all assignments are void". Two other techniques to prevent the assignment of contracts are rescission clauses or clauses creating a condition subsequent. The former ...
A contract is a legally binding agreement made between parties involved in a transaction for the exchange of goods or services. The agreement often comes in the form of a written instrument that provides the terms or conditions of the arrangement, each of which correspond to an obligation that one of the parties entering the agreement is obliged to fulfill.
On the other hand, if the parties agree that the obligations under a contract should operate in full, but comes to an end if an uncertain future event either does or does not happen, they are said to have agreed to a resolutive condition (or condition subsequent). The continued existence of the contract depends on the event happening or not ...
A term is a condition (rather than an intermediate or innominate term, or a warranty), in any of the following five situations: (1) statute explicitly classifies the term in this way; (2) there is a binding judicial decision supporting this classification of a particular term as a "condition"; (3) a term is described in the contract as a ...