BLS Ch 20 - CHAPTER 20: Discharge and Remedies Conditions o...

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CHAPTER 20: Discharge and Remedies Conditions o Conditional Contracts : Contracts containing conditions affecting the performance obligations of the parties o 3 Types of Conditions Condition precedent : Particular event that must occur in order for a party’s duty to arise. If the event does not occur, the party’s duty does not arise. Example: real estate contract (conditioned on event that buyer can sell their house) and insurance contracts (company’s obligation to perform arises only when person dies) Condition subsequent : Future event that terminates the obligations of the parties when it occurs Concurrent conditions : Occur when each party’s performance is conditioned on the performance of the other o Express Conditions : explicitly stated in the contract and are usually preceded by words such as conditioned on, if, provided that, when o Implied Conditions : those that are not explicitly stated but are inferred from the nature and language of the contract Discharge by Performance o Tender : An offer of a party in a contract to be ready, willing, and able to perform a duty outlined in that contract o Types of Performance Complete performance : occurs when all aspects of the parties’
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BLS Ch 20 - CHAPTER 20: Discharge and Remedies Conditions o...

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