CHAPTER 17

CHAPTER 17 - CHAPTER SUMMARY Conditions Definition of a...

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CHAPTER SUMMARY Conditions Definition of a Condition an event whose happening or nonhappening affects a duty of performance Express Condition contingency explicitly set forth in language Satisfaction express condition making performance contingent upon one party’s approval of the other’s performance Subjective Satisfaction approval based upon a party’s honestly held opinion Objective Satisfaction approval based upon whether a reasonable person would be satisfied Implied-in-Fact Conditions contingency understood by the parties to be part of the agreement, though not expressed Implied-in-Law Conditions contingency not contained in the language of the contract but imposed by law; also called a constructive condition Concurrent Conditions conditions that are to take place at the same time Conditions Precedent an event that must or must not occur before performance is due Mann CH 17- 1
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Conditions Subsequent an event that terminates a duty of performance Discharge by Performance
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This note was uploaded on 10/14/2010 for the course BUS 5503 taught by Professor Sorrell during the Fall '10 term at Troy.

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CHAPTER 17 - CHAPTER SUMMARY Conditions Definition of a...

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