condition
Definition 1
General: Uncertain future act or event, the occurrence of which determines the existence or extent of an interest or right, or liability or obligation; or initiates, halts, or terminates the performance of a duty.
Definition 2
Contracting: Major term (central point) or the 'essence' of a contract. A condition (1) invests or divests the rights and duties of the parties to the contract, or (2) stipulates that the occurrence or non-occurrence of a certain event creates or terminates a contract. An actual or stipulated condition is called an express condition or condition in deed, and a condition deemed to be automatically present is called an implied condition or condition in law. Breach of a condition constitutes breach of the contract, and entitles the aggrieved-party to call for setting aside (rescission) of the contract, and to claim for damages. A minor term (incidental point) of the contract is called a 'warranty,' breach of which may call for damages as compensation but not rescission of the contract. See also condition precedent, condition subsequent, innominate term, and intermediate term.
condition is in the Agreements & Contracts and Corporate, Commercial, & General Law subjects.
condition appears in the definitions of the following terms:
flex option,
design validation,
grievance,
noise,
weather derivative,
cellular automata,
poverty,
proof of delivery,
probability theory,
emergency medicine
and
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