Learn about contract terms that make a party's performance conditional upon the occurrence of a certain event, how to differentiate between a condition precedent and a condition subsequent, and what happens when a condition does not occur.
Many contracts contain terms that make a party’s performance optional, depending on whether a certain event has occurred. Known as conditions, these terms determine whether a party will be required to perform a contract at all. Today, you’ll be learning about conditions and how they affect a party’s performance.
We’ll start off our discussion by talking about what a condition is, as well as what happens when a condition occurs. After that, we’ll cover the two types of conditions: express...