The key to all condition clauses is that if a condition in a contract is not met, public policy requires only essential performance by the party for which the condition is not met. The answer is the letter A. It’s under the first conditional clause, in which a possible future event must occur. 8th
What is a conditional advance?
A conditional contract, also known as a hypothetical contract, is a contractual agreement that only has to be fulfilled if the defined conditions are met. This legal agreement requires the prior execution of any other agreement or clause in order to be enforceable.
How do you use the precedent condition?
In a contract, a condition precedent is an event that must occur before the parties are obliged to perform. For example, an insurance contract may require the insurer to pay for the rebuilding of the customer’s home if it is destroyed by fire during the policy period. Fire is a prerequisite.
What happens if a condition precedent is not met?
Failure to comply with a condition precedent of your contract may enable the defendant (the defaulting party) to protect itself from liability – the defendant can reasonably claim that it has not in fact breached any contractual obligations.
What does it mean when a party has been fired from quizlet?
What does it mean when a party is exempt? … This means that this person is finished and has no more contractual obligations. This means that this person is terminated and has no further obligations under the contract. You have just studied 43 semesters!
What do you mean by conditional clause?
In English grammar, a conditional clause is a type of adverbial clause that expresses an assumption or condition, real (factual) or imaginary (counterfactual).
What is an example of a conditional agreement?
A conditional contract is an agreement or contract that is dependent on a specific event, the occurrence of which is uncertain at the time the contract is entered into. A common example is a contract that is conditional on the buyer obtaining planning permission.
What does a conditional real estate offer mean?
Writing a conditional offer to buy means you want to buy the property, but before making it a firm sale you want the opportunity and time to verify or confirm the information. General terms include home inspection, financing, and condo document verification (if you are buying a condo).
What is an example condition precedent?
In a contract, a condition precedent is an event that must occur before the parties are obliged to perform. For example, an insurance contract may require the insurer to pay for the rebuilding of the customer’s home if it is destroyed by fire during the policy period. Fire is a prerequisite.
How do you use preconditions in a sentence?
From 1821 to 1891, the payment of at least one poll tax was a prerequisite for exercising the right to vote. He shows that some accumulation of capital is a prerequisite for this division and that the extent to which it can be carried out depends on the size of the market.
What happens if a condition precedent is not met?
Failure to comply with a condition precedent of your contract may enable the defendant (the defaulting party) to protect itself from liability – the defendant can reasonably claim that it has not in fact breached any contractual obligations. 28
What is the legal effect of a condition precedent?
The meaning of this term depends on the context in which it is used: In contract law, a provision in a contract that provides that the agreement or parts of the agreement will only come into effect if and when certain conditions are met.
How is the condition precedent to be met?
A condition precedent is a contractual condition that must be fulfilled in order for the contract to be valid or for certain contractual obligations to take effect. 16