BUS-294 Lecture Notes - Lecture 8: Condition Subsequent, Condition Precedent
23 Sep 2020
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Non-occurrence of contract conditions: if these conditions are not met than the contract is terminated. Express conditions: you know what the conditions are. Implied conditions: they are not written in the contract, but it is implied. Condition precedent: means that if this event does not happen, than your obligation to this contract is invalid. Condition that must occur before a party"s performance can be required. Ex: fee to be paid when restaurant is filled to 80% capacity for month. Condition: restaurant is packed to 80% capacity. If the this condition never occurs, than no longer obligated to pay fee. Condition subsequent: this condition must occur after a particular duty arises. The occurrence of this condition will terminate the contract. Defendant must prove that the condition occurred, relieving him of any obligation. Condition concurrent: both sides have conditions that must occur simultaneously or in a reasonable standard of time in order for the contract to be valid.
