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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.
This type of future interest follows a fee simple subject to a condition subsequent. A grantor has the power of termination when an estate may return to the grantor if a condition is violated and the grantor decides to reclaim the estate. This type of grant may occur when the grantor wants the option of deciding the severity of the violation.
An automatic renewal clause is used in the insurance and healthcare industries . An automatic renewal clause (also referred to as an evergreen clause), is activated towards the end of the contractual period whereby it automatically renews the terms of an agreement except when the contract is terminated (through mutual agreement or contract breach), or one of the contracting parties has sent a ...
Florida coach Billy Napier has come under scrutiny following a 9-9 start to his Gators tenure. What would the university owe him if it fired him?
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 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.