-Referring to the figure above, which of the following describes when the statements within the braces are executed?
Definitions:
Condition Precedent
A legal term for a condition or event that must occur before a contract becomes effective or before an obligation must be performed.
Power of Attorney
A formal document that gives one person (the agent) the power to represent another (the principal) in matters of law or finance.
Seal
A device or substance used to close or secure an object or document, often signifying authenticity, confidentiality, or approval.
Subsequent Agreement
An agreement made after a written agreement that alters or cancels the written agreement.
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