Condition Precedent Refers to a Condition That Requires the Occurrence

question 50

True/False

Condition precedent refers to a condition that requires the occurrence of an event before a party is obligated to perform a duty under a contract.

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Definitions:

Economic Conditions

The state of the economy at a given time, including factors such as inflation, unemployment, and growth rates.

General Environment

The broad external conditions (such as economic, legal, political, technological, and social factors) that affect organizations and their performance but are beyond their direct control.

Unemployment Rate

The percentage of the total labor force that is unemployed but actively seeking employment and willing to work.

Legal-Political Conditions

The framework of laws and political circumstances that influence how businesses and organizations operate within a society.