5/11/19 Conditions

·Condition Precedent

An event or state of affairs that must occur before something else will be required to occur. In a contract, a condition precedent is an event that must take place before the parties must perform the agreement.

·Condition Subsequent

An event or state of affairs that, if it happens, defeats or modifies an existing arrangement or discharges an existing duty. In a contract, a condition subsequent can often terminate the duty of one party to perform under the agreement.