A(n)________ refers to a condition that requires the occurrence of an event before a party is obligated to perform a duty under a contract.
A)Condition precedent
B)Condition subsequent
C)Concurrent condition
D)Implied condition

Question

Quizplus · Accepted Answer

A condition precedent refers to a requirement that must be fulfilled before a party is obligated to perform under a contract. It is an event that must occur before the duties become effective. For example, in a real estate contract, a condition precedent could be obtaining financing or a satisfactory home inspection report.

A(n)________ Refers to a Condition That Requires the Occurrence of an Event