A condition precedent is
one the fulfillment of which completes an inchoate title
. A condition subsequent is one of the fulfillment of which extinguishes a title already completed.
What is condition precedent and condition subsequent?
A condition precedent is
one the fulfillment of which completes an inchoate title
. A condition subsequent is one of the fulfillment of which extinguishes a title already completed.
How does a condition subsequent work?
A condition subsequent is
an event or state of affairs that, if it occurs, will terminate one party’s obligation to the other
. For example, a contract might state something like: the client will pay for the haircut, unless the hairdresser does not perform the haircut.
How a condition precedent will become void?
The condition imposed must be fulfilled before the actual transfer takes place. 2. The interest created in the transfer will vest in the transferee after the fulfilment of the condition. …
When the condition precedent becomes impossible or immoral to be performed the transfer
will be declared as void.
What is a condition precedent example?
In a contract, a condition precedent is an event that must occur before the parties are obligated to perform. For example,
an insurance contract may require the insurer to pay to rebuild the customer’s home if it is destroyed by fire during the policy period
. The fire is a condition precedent.
What happens if a condition precedent is not met?
If you fail to satisfy a condition precedent to your contract, then it may allow
the defendant (the breaching party) to shield themselves from liability
— the defendant can reasonably argue that they did not actually commit breach by violating any contractual obligations.
What is a true condition precedent?
A clause is a true condition precedent
if the satisfaction of the condition within the clause is dependent on a future uncertain event
, the happening of which depends entirely on the will of a third party.
What does Subsequent mean in legal terms?
A condition subsequent is an act or event, not certain to occur, which if it occurs discharges a duty of performance which has already arisen. It refers to
a future event
, upon the happening of which the obligation becomes no longer binding upon the other party if that party chooses to apply that condition.
What is condition subsequent in real estate?
all words any words phrase. condition subsequent. n. 1) in a contract,
a happening which terminates the duty of a party to perform or do his/her part
. 2) in a deed to real property, an event which terminates a person’s interest in the property.
What is condition subsequent in insurance?
A condition subsequent is
an event or condition that frees a party from honoring a responsibility in a contract
, changes the conditions or terms in a contract, or terminates the contract altogether.
What is Resolutory?
Legal Definition of resolutory
:
operating to annul or terminate
.
What is precedent in law?
Precedent refers
to a court decision that is considered as authority for deciding subsequent cases involving identical or similar facts
, or similar legal issues. Precedent is incorporated into the doctrine of stare decisis and requires courts to apply the law in the same manner to cases with the same facts.
Is condition precedent a conditional transfer?
It is given in Section 26 of the Transfer of Property Act, 1882.
Any condition that is required to be fulfilled before the transfer of any property
is called a condition precedent. … For example, A is ready to transfer his property to B on the condition that he needs to take the consent of X, Y and Z before marrying.
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 term in a contract which
provides that the agreement or certain parts of the agreement will only come into force if and when certain conditions are satisfied
.
What are the three types of contractual conditions?
Types of Conditions
Conditions precedent, conditions concurrent, and conditions subsequent
are types of conditions that are commonly found in contracts. A condition precedent is an event that must exist as a fact before the promisor incurs any liability pursuant to it.
What is an example of a condition?
The definition of condition is the state something or someone is in or can also refer to a specific illness. An example of condition is
a brand new sofa with no defects
. An example of a condition is a harsh work environment. An example of a condition is a cold or the flu.
