Essay on "Conditions Precedent, Subsequent and Concurrent"
Essay 2 pages (726 words) Sources: 4
[EXCERPT] . . . .
In most cases, the occurrence of a condition subsequent results in the cessation of any duty to perform and the rights and interests within the terms of the contract. Therefore, it's important to carefully read and understand contracts in order to detect any situations that may be conditions subsequent and determine what happens if the situations occur. This requires the involvement of a lawyer to review the benefits of the proposed contract because contract law can sometimes be extremely complicated ("What Is a Condition Subsequent?" n.d.). When a contract consists of a clause that incorporates a condition subsequent and is suspected as a hypothetical circumstance, it important to ask for help from a lawyer before the situation arises. Nonetheless, conditions subsequent are less common despite being closely linked to conditions precedent ("Promises and Conditions," n.d.).Conditions Concurrent:
Conditions concurrent are those that are mutually dependent and need to be conducted at the same time. These conditions occur because of the existence of several bilateral creating contracts that contributes to the development of mutual duties that necessitate concurrent performances by the involved parties. In most cases, the tender of performance by one party is held by one party as a condition precedent to the immediate duty of the other. Despite of the fact that performances are simultaneous, such situations are primarily known as concurrent conditions. Nonetheless, concurrent conditional duties may result in the instant duty of every party to be subjected to a condition precedent.
References:
Corbin, A. (1919). Conditions In the Law o
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Scholarship Repository website: http://digitalcommons.law.yale.edu/cgi/viewcontent.cgi?article=3855&context=fss_papers
"Civil Code." (n.d.). Section 1434 -- 1442. Retrieved from Official Site for California Legislative
Information website: http://www.leginfo.ca.gov/cgi-bin/displaycode?section=civ&group=01001-02000&file=1434-1442
"Promises and Conditions." (n.d.). Anatomy of a Contract. Retrieved from Santa Clara Law
University website: http://law.scu.edu/FacWebPage/Neustadter/contractsebook/main/commentary/Promises%20and%20condtions.html
"What Is a Condition Subsequent?" (n.d.). Wise Geek -- Clear Answers for Common Questions.
Retrieved May 10, 2012, from http://www.wisegeek.com/what-is-a-condition-subsequent.htm READ MORE
Quoted Instructions for "Conditions Precedent, Subsequent and Concurrent" Assignment:
“Short Paper: Concepts of Conditions Precedent, Subsequent and Concurrent
Explain the concepts of conditions precedent, subsequent and concurrent. Why are these concepts important? In what situations might they be useful?
How to Reference "Conditions Precedent, Subsequent and Concurrent" Essay in a Bibliography
“Conditions Precedent, Subsequent and Concurrent.” A1-TermPaper.com, 2012, https://www.a1-termpaper.com/topics/essay/conditions-precedent-subsequent-concurrent/4003335. Accessed 5 Oct 2024.
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