Condition Subsequent Exists When the Parties to a Contract Must

question 12

True/False

Condition subsequent exists when the parties to a contract must render performance simultaneously.

---

Definitions:

Breach Of Warranty

occurs when a promised statement of fact about a product or service is not true or is violated.

Limited Period

A specific, fixed amount of time during which something is operational, valid, or applicable.

Letter Of Credit

A written instrument, usually issued by a bank on behalf of a customer or other party, in which the issuer promises to honor drafts or other demands for payment by third parties in accordance with the terms of the instrument.

Contractual Conditions

Stipulated provisions or clauses that define the obligations, rights, and roles of the parties involved in a contract.