A Condition ______ Is a Future Event That Terminates the Obligations

question 32

Multiple Choice

A condition ______ is a future event that terminates the obligations of the parties when it occurs.

• A) Precedent
• B) Subsequent
• C) Concurrent
• D) At large
• E) Certain

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Definitions:

Acting in Good Faith

A principle of honesty and fairness in dealings, implying the absence of fraud, deceit, or intent to deceive in a transaction or interaction.

Leveraged Buyout (LBO)

A takeover-resistance strategy in which a group within the target corporation buys all the corporate stock held by the public, thereby turning the company into a privately held corporation.

Outstanding Corporate Stock

Shares of a corporation that have been issued and are currently owned by shareholders.

Articles of Incorporation

Legal document filed with a governmental body to legally establish a corporation, detailing its structure, purpose, and regulations.