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.
Depending on the current condition of the economy you may want to decide to not release a product until a later date.
Greg Hardy signed a contract with the Cowboys that had many different conditions as it pertained to his pay and it wasn't guaranteed