Definitions for condition precedent
This page provides all possible meanings and translations of the word condition precedent
a condition imposed on an agreement that must be satisfied before property is transferred between parties.
Condition precedent refers to an event or state of affairs that is required before something else will occur. In contract law, a condition precedent is an event which must occur, unless its non-occurrence is excused, before performance under a contract becomes due, i.e., before any contractual duty erects. For instance, in the sentence "Jack will only go to heaven after he has died," the death of Jack is a condition precedent to Jack going to heaven. In estate and trust law, it is a provision in a will or trust that prevents the vesting of a gift or bequest until something occurs or fails to occur, e.g. the attainment of a certain age or the predecease of another person. For comparison, a condition subsequent brings a duty to an end whereas a condition precedent initiates a duty.
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"condition precedent." Definitions.net. STANDS4 LLC, 2015. Web. 26 Feb. 2015. <http://www.definitions.net/definition/condition precedent>.