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Ch2-3 Condition
Chapter 2-3: Conditions and Contingencies
| Term | Definition |
|---|---|
| Condition | An event, not certain to occur, unless its non-occurrence is excused, before performance under a contract becomes due. |
| Contingency | An event that may occur, a possibility. |
| Condition Precedent | A contract condition required to occur before it ripens a contract duty. |
| Condition Concurrent | Requires performance by both parties to be simultaneous. |
| Condition Subsequent | A future event that is not certain to occur, which if it occurs extinguishes, modifies, or discharges an existing obligation or duty. |
| Silence by the Party | A question of whether silence is to be treated as approval or disapproval of the condition the contingency qualifies. |
| Time of the essence | Date specified for an obligation or event. |
| Satisfaction of the Party | Based on the taste/personal fancy/personal judgment of a party to the contract or an objective, reasonable person standard. |
| Waiver | The act of voluntarily giving up or surrendering a right given in the contract; A unilateral act with legal consequences. |
| Lack of reasonable due diligence | The ripening of a contract duty, as required by the court, even though required event does not occur. |
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