This is an example of Condition Precedent.
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What is Condition Precedent?</h3>
A condition precedent is a legal word that refers to an occurrence that must take place before a certain contract is deemed to be in force or before either party is expected to fulfill any obligations.
For instance, in real estate, a mortgage contract will have a condition precedent requiring an inspection to determine the property's condition and value. Before the mortgage contract goes into effect, the lender and the buyer must both accept that appraisal.
In wills and trusts, condition precedents are also frequently used to restrict the transfer of funds or assets until particular conditions have been satisfied, such as an heir getting married or reaching a specified age.
If the conditions antecedent is unrelated to the contract's subject matter, they may occasionally be waived. Think about a situation where a subject matter expert hires a ghostwriter to write a book on his behalf.
The expert stipulates that in order to receive a full salary, the selected writer must refrain from doing any household chores while writing. The conclusion of the book and the absence of domestic tasks while the book was being written are the prerequisites in this situation. If the writer successfully completes the final deliverable to the expert's satisfaction, the latter criteria may be waived. A comparable situation was brought before the New York court in 1908, and the judge decided in the writer's favor.
Condition subsequent, which outlines requirements that must be satisfied for any party to terminate the contract, is the opposite of condition previous.
Therefore, Fisher promises to buy Calvin's house if salvation bank approves fisher's mortgage application is an example of <u>Condition Precedent.</u>
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