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Ch2-3 Condition

Chapter 2-3: Conditions and Contingencies

TermDefinition
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.
Created by: userjoe
 

 



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