Conditions Flashcards
Condition
A condition is a particular event that must occur in order for a party’s duty to arise.
Implied Condition
Implied conditions are those that are not explicitly stated but are inferred from the nature and language of the contract. The default rule is that each parties performance is conditioned on the other party performing.
Condition Precedent
A condition precedent is a particular event that must occur in order for a party’s duty to arise.
Condition Subsequent
A condition subsequent is a future event that terminates/excuses the obligations of the parties to a contract.
Concurrent Condition
A concurrent condition is when the parties to a contract are required to perform their obligations for each other at the same time
Types of Conditions
a. Conditions i. Types of conditions (1) Express, implied, or constructive (2) Precedent, concurrent, subsequent
Express Condition
An express condition is a condition that is clearly stated in the language of a contract.
Constructive Condition
A constructive condition is a condition that is not explicitly expressed like an express condition, but that is imposed by the court to avoid injustice.
A Condition of every contract
Every K has Implied Covenant of Good Faith and Fair Dealing. Breach of this condition = Breach of K
Excuse of conditions
Excuse of conditions a. Wrongful prevention b. Waiver c. Estoppel d. Prevention e. Avoidance of forfeiture
Excuse of Condition–Wrongful prevention
If a party having a duty of performance that is subject to a condition prevents the condition from occurring, the condition will be excused if such prevention is wrongful.
Excuse of Condition–Waiver
A manifestation of a willingness to perform despite the non-occurrence of a condition. No consideration is required.
