BLAW 3201 Chapter : Blaw Ch 17
Document Summary
Definition- (313) an event whose happenings or nonhappening affects a duty of performance. Express condition- (313) contingency explicitly set forth in language. Satisfaction-(313) express condition making performance contingent upon one party"s approval of the others performance. Subjective satisfaction-(314) approval based upon a party"s honestly held opinion. Objective satisfaction- (314)approval based upon whether a reasonable person would be satisfied. Implied-in-fact conditions- (314)contingency understood bt the parties to be part of the agreement, though not expressed. Implied-in-law conditions- (314)contingency not contained in the language of the contract but imposed by law, also called a constructive condition. Concurrent conditions- (314)conditions that are to take place at the same time. Conditions precedent- (314) an event that must or must not occur before performance is due. Conditions subsequent- (314-5)an event that terminates a duty of performance. Performance- (315)fulfillment of a contractual obligation resulting in a discharge.
