¶ … Conditions Precedent, Subsequent and Concurrent:
The term condition is not only used in both the law of property and law of contract though with some differences in meaning. In the law of contract, this term is used in a very lose sense to mean provision or clause making it to perform no useful service. However, this concept primarily means certain operative fact that is successive to acceptance and before discharge. Actually, in its proper sense, condition means a fact with which the rights and responsibilities of the parties depend. Consequently, it may be an act of one of the two contracting parties, a fact of the physical world, and a third party's act. While there are various conditions, they are all precedent to the legal associations and other facts that come before them (Corbin, 1919). Notably, an obligation can become conditional when the rights or duties of the parties depend on the occurrence of an unlikely event. In most cases, conditions may be precedent, subsequent, or concurrent.
Conditions Precedent:
A condition precedent can be described as one that is performed before some act dependent is...
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