A Condition Subsequent Is a Condition That Must Occur Before

question 26

True/False

A condition subsequent is a condition that must occur before a party to a contract has an obligation to perform under the contract.

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Definitions:

Adam Smith

An 18th-century Scottish economist and philosopher known as the father of modern economics and author of "The Wealth of Nations."

Opportunity Cost

The cost of forgoing the next best alternative when making a decision, representing the benefits one could have received by taking the alternative action.

Forgone Interest

The potential interest earnings lost by choosing one investment over another or by keeping money in a non-interest-bearing account.

Economic Growth

The increase in the amount of goods and services produced by an economy over time, typically measured as the percent rate of increase in real gross domestic product (GDP).