Posted on by Judy

Explain the different types of conditions that can be found in a contract and give an example not given in the Guide or the book(bussines law)

Contract:
The contract is said to be a mutual agreement between two or more parties involve in a business. The terms in the contract is said to be as conditions, and the parties needs to acknowledge to the conditions that needs to be applied, so that avoid any problems or issues that occurs during business.
Types of Conditions that can be found in a contract is explained below:
Condition Precedent: The condition precedent is an activity or events which occurs before signing a contract. Eg. Parent’s assets reaching the children only after the parent death is said to be one kind of condition precedent.
Condition Concurrent: The concurrent conditions are dependent on each other and carried on one after another. Eg. One selling one party needs to provide the goods and the other party needs to receive, as this act is simultaneous and it is said to be concurrent condition.
Condition Subsequent: The condition subsequent is said to be as one activity bringing an end to the other activity. Eg. When a sales is done the deal of the business get over and it said to be condition subsequent.
 
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