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Condition Subsequent
A condition in a contract that operates to terminate a party’s absolute promise to perform.
Express Condition
A clearly stated, specific requirement within a contract that must be met for the contract to be fulfilled or an obligation to become due.
Contractual Obligation
A duty or commitment that one party is legally required to perform as per the terms of a contract.
Market Price
The current price at which an asset or service can be bought or sold in a given market.
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