Richard Contracts with Yuan to Buy Yuan's House for $100,000

question 35

Essay

Richard contracts with Yuan to buy Yuan's house for $100,000 "unless my horse does not win the Kentucky Derby." This is a condition subsequent,or at least an attempted condition subsequent.Rephrase it as a condition precedent with the same effect.If you can do this,why does the law bother to distinguish conditions precedent from conditions subsequent?

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Definitions:

Consignment Stock

Inventory that is in the possession of the customer but still legally owned by the supplier until sold.

Stock Discrepancies

Differences between the amount of inventory recorded and the actual inventory present, often resulting from errors or theft.

Periodic Inventories

An inventory system where the inventory count is conducted at specific intervals to determine the cost of goods sold and ending inventory levels.

Closing Inventories

The total value of unsold goods and materials that a company holds at the end of its financial year, which is recorded as a current asset in the balance sheet.