Generally, a party's contractual duty to perform arises at the time the contract is formed, even though the time for performing is set for a future date. The parties may, however, provide that a party's duty to perform is qualified by the happening of some event, or condition.

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This is the general rule of contractual performance. However, parties may include conditional language in the contract that may modify this rule.

Generally, a Party's Contractual Duty to Perform Arises at the Time