Failure to Satisfy a Condition Precedent Excuses the Performance of a Contracting

question 101

True/False

Failure to satisfy a condition precedent excuses the performance of a contracting party even if the condition is a minor part of the transaction.

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Definitions:

Same Day Value

Financial transactions that are settled on the same day they are initiated.

Concentrator Account

A single centralized bank account that consolidates funds from various sources for the purpose of streamlined management.

Trustee Account

A type of account managed by a trustee who holds assets for the benefit of another party, ensuring the assets are managed in the beneficiary's best interest.

Short-term Securities

Financial instruments that are typically debt securities with maturities of one year or less, used for short-term financing needs.