Examlex
Which of the following procedures can be used to help ensure standardization of conditions?
Condition Precedent
A condition precedent is a contractual condition that must be fulfilled before a party's promise or obligation becomes binding.
Obligations Commencement
The starting point or effective date when obligations or duties under a contract or agreement begin.
Contractual Term
A provision or condition outlined in a contract that defines the obligations, rights, and duties of the parties involved.
Novation
The creation of a new contract through the substitution of a third party for one of the original parties to a contract by the consent of all.
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