If a contract contains a condition precedent it means that
A) something must take place in the future before a contracting party has a duty to perform.
B) courts will award the nonbreaching party with consequential damages for failure to perform by the breaching party.
C) performance must be completely achieved according to contract specifications or the contract is breached.
D) impossibility of performance will not be an acceptable excuse for nonperformance.
E) both the contracting parties have a simultaneous duty to perform.

Question

Quizplus · Accepted Answer

If a contract contains a condition precedent it means that something must take place in the future before a contracting party has a duty to perform. For example, a building developer may contract to buy certain land "when the city annexes it." The annexation is a condition precedent to the developer's duty to purchase the land.

If a Contract Contains a Condition Precedent It Means That