condition

  

Definitions (2)

1.Law: An uncertain future act or event, the occurrence of which determines the existence or extent of an interest or right, or liability or obligation; or which initiates, halts, or terminates the performance of a duty.
2.

Contracts: The central instrument in 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 nonoccurrence 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.


Use condition in a sentence

  • Knowing the current condition of your entire business will help you to make the best and wisest decisions for everyone involved.

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  • Depending on the current condition of the economy you may want to decide to not release a product until a later date.

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  • Greg Hardy signed a contract with the Cowboys that had many different conditions as it pertained to his pay and it wasn't guaranteed

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