If the Contract Contains a Clause in Which an Event

question 7

True/False

If the contract contains a clause in which an event must occur in order for a party's duty to arise,then that contract contains a condition precedent.

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Definitions:

Unemployment Rate

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

Employed

Employed refers to individuals who are working for pay or profit, engaging in a job or business, within a stipulated period.

Unemployed

Refers to individuals who are capable of working and willing to work but cannot find employment.

Misery Index

An economic indicator created by summing the unemployment rate and inflation rate, intending to measure economic discomfort within a country.