What is condition in contract law?

A condition is a requirement or limitation involved in a contract, trust, law, or other legally recognized document that changes the rights and duties of those involved.

What is an example of a condition in contract law?

In a contract, a condition precedent is an event that must occur before the parties are obligated to perform. For example, an insurance contract may require the insurer to pay to rebuild the customer’s home if it is destroyed by fire during the policy period. The fire is a condition precedent.

What is the condition of law?

Condition In Law: Everything You Need to Know. A condition in law is a future, unforeseeable event that will cause certain rights under a contract to be destroyed, created, or expanded upon. 1.

What is an example of a condition?

The definition of condition is the state something or someone is in or can also refer to a specific illness. An example of condition is a brand new sofa with no defects. An example of a condition is a harsh work environment. An example of a condition is a cold or the flu.

What are the 3 kinds of condition?

There are three different forms of conditions. These are: Conditions precedent. Conditions concurrent, and.

What do you mean condition?

1 : something essential to the appearance or occurrence of something else especially : an environmental requirement available oxygen is an essential condition for animal life. 2a : a usually defective state of health a serious heart condition. b : a state of physical fitness exercising to get into condition.

How are conditions classified?

Conditions are either (1) Particular or (2) General. A Particular Condition refers to a definite act or series of acts occurring at some definite time. A General Condition refers to any one of a class of acts which may occur (or may have occurred) at any time.

What is condition in a contract of sale?

12. Condition and warranty.— (1) A stipulation in a contract of sale with reference to goods which are the subject thereof may be a condition or a warranty. (2) A condition is a stipulation essential to the main purpose of the contract, the breach of which gives rise to a right to treat the contract as repudiated.