BLAW 101 Lecture Notes - Lecture 29: Santa Barbara City College, Court Costs, Security Interest
Document Summary
There are a number of legal concepts that may result in the termination or discharge of the parties" obligations under a contract. A condition is a clause in a contract that will shift, suspend, modify , or rescind an obligation based upon some operative fact pr event. May be express, implied in fact, or implied in law. Express conditions may be either conditions precedent, conditions subsequent, or conditions concurrent. Condition precedent: a specific condition that must occur before the agreement between the parties can become binding or before a party is required to perform a duty or obligation under the contract. Frequently used to shift the risk that a certain event will or will not occur from one party to another. Ex: manufacturer enters into a contract with clother, the terms of which provides that manufacturer is to ship 100 pair of slacks at per pair, ninety days after manufacture receives the necessary cloth from supplier .
