itsbritt2172 itsbritt2172

14-11-2022
Law

contestada

Which of the following are types of conditions that affect the performance obligations of the parties?
A) Conditions precedent and subordinate conditions
B) Conditions subsequent and executory conditions
C) Concurrent conditions and conditions subsequent
D) Conditions precedent, conditions subsequent, and concurrent conditions
E) Conditions precedent and executed conditions

Respuesta :

Bhuvangarg Bhuvangarg

18-11-2022

D) Conditions precedent, conditions subsequent, and concurrent conditions are the three types of conditions.

Is there a precedent?

A condition precedent is an event that must take place before the parties are required to perform in a contract. For instance, if a customer's home is destroyed by fire during the policy period, an insurance contract may mandate that the insurer cover the cost of rebuilding it. The fire is a precedent condition.

What does the term "condition subsequent" mean?

A condition subsequent is a situation or event that will end one party's obligation to the other if it occurs. The fact that a condition subsequent takes effect after a party has already assumed a duty or an interest has already vested distinguishes it from similar condition precedents.

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