Which one of the following statements accurately describes the operation of a condition precedent?
A) This is a term in a contract that must be met before the contract becomes fully operational.
B) This is a term in the contract that provides for the cessation (ending) of the parties' obligations upon the occurrence of some particular event.
C) There is no such thing recognized in the common law.
D) This occurs when one party shows up at the right time and place ready, willing, and able to carry out his obligations under the contract.
E) This occurs when some event that the parties have not anticipated makes performance radically different from what they agreed to.

Question

Quizplus · Accepted Answer

A condition precedent is a term in a contract that must be met before the contract becomes fully operational. In other words, it is a condition that must be fulfilled before the parties are bound to perform their respective obligations under the contract.

Which One of the Following Statements Accurately Describes the Operation