If a Contract Contains a Condition Precedent It Means That

question 52

Multiple Choice

If a contract contains a condition precedent it means that:

• A) performance will be due upon the happening of some specified future event.
• B) performance will be excused upon the happening of some specified future event.
• C) performance must be completely done according to contract specifications or the contract is breached.
• D) impossibility of performance will not be an acceptable excuse for nonperformance.
• E) performance will be due upon the simultaneous duty to perform of the parties.

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Definitions:

Capital

Financial assets or the financial value of assets, such as cash and other tangible assets, used in operations to generate income or profit.

Labor

Work, especially physical, manual or hard work, performed by people in exchange for payment.

Production Costs

The total expense incurred in manufacturing goods or providing services, including raw materials, labor, and overhead expenses.

Chemicals

Substances used in or produced by chemical processes, often referring to compounds or materials in industrial, scientific, or consumer products.