Conditions Flashcards
1
Q
What is the difference between a Promise and a Condition?
A
A promise is commitment to do or refrain from doing something.
A condition is an event (other than passage of time) that will extinguish, modify, limit or create a duty to perform.
2
Q
What is a condition Precedent?
A
A condition precedent is a condition that excuses performance “until and unless” they occur.
3
Q
What is a condition Subsequent?
A
A condition subsequent is a condition that occurs after the start of performance and excuses performance.
4
Q
What is the effect of one party failing to meet a condition?
A
Failure of condition excuses performance so there is no breach.
