WEBIn a contract, a condition precedent is an event that must occur before the parties are obligated to perform. For example, an insurance contract may require the insurer to pay to rebuild the customer’s home if it is destroyed by fire during the policy period. The fire is a condition precedent.
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What Is a Condition Precedent? Legal Definition and Examples - Investopedia
WEBFeb 23, 2021 · Key Takeaways. A condition precedent is a stipulation that defines certain conditions that must either occur or be met by either party to ensure progress or...
WEBMar 30, 2017 · A condition precedent is an event that must occur, or a state of affairs that must exist, before something else will occur. In contracts that refer to a condition precedent it is entirely possible that one party will never have to fulfill his duties, because the condition was not met.
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Condition Precedent: Everything You Need to Know - UpCounsel
WEBFeb 1, 2023 · Condition Precedent: Everything You Need to Know. A condition precedent is an explicit or implicit clause within a contract that says the other party must accomplish its duty before the contract can move forward. 5 min read updated on February 01, 2023.
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Define Condition Precedent: Everything You Need to Know
WEBFeb 1, 2023 · Basically, a condition precedent is a specific event that is listed in a contract. Before this event takes place, the contract is not in effect, and the parties are not obligated in any way. However, after the event, the requirements of the contract must be performed .
WEBA condition precedent is an event or state of affairs that is required before something else will occur. In contract law, a condition precedent is an event which must occur, unless its non-occurrence is excused, before performance under a contract becomes due, i.e., before any contractual duty exists.
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CONDITION PRECEDENT Definition & Legal Meaning - The Law Dictionary
WEBDefinition & Citations: A rule in a contract that parties must do what they agree to or a demand can be placed to perform the action required. Refer to conditions concurrent and condition subsequent. Find the legal definition of CONDITION PRECEDENT from Black's Law Dictionary, 2nd Edition.
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Litigation, Overview - Failure to Meet a Condition Precedent
WEBBasic Doctrine. Conditions precedent are conditions in a contract that must occur or be satisfied before the obligations in the contract are due. Before these conditions are satisfied, no duty has yet arisen. The Restatement (2d) of Contracts § 224 defines a condition precedent as “an event, not certain to occur, which must occur, unless its ...
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condition precedent Definition, Meaning & Usage | Justia Legal …
WEBDefinition of "condition precedent" An event that has to happen before the obligations of a contract are required to be fulfilled ; How to use "condition precedent" in a sentence. The sale of the old house was a condition precedent for buying the new one. Completion of the training course was a condition precedent of his employment contract.
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CONDITION PRECEDENT definition | Cambridge English Dictionary
