What do you mean by condition subsequent?
plural conditions subsequent an event or a situation that means an official agreement is ended: The insurance company contested his claim on the grounds that he had left the building unattended in breach of the condition subsequent stated in the policy.
What is a condition subsequent property?
condition subsequent. n. 1) in a contract, a happening which terminates the duty of a party to perform or do his/her part. 2) in a deed to real property, an event which terminates a person’s interest in the property.
What is condition subsequent in insurance?
A Condition Subsequent (CS) can be defined as a condition which is supposed to be fulfilled or satisfied to excuse a party from the contractual relationship which means creation of an obligation or termination of the contract between the parties due a future uncertain fact or event that may or may not occur.
What are some examples of condition subsequent?
In law, a condition subsequent is an event, or state of affairs, whose occurrence is automatically construed to terminate the obligation of one party to the other. One example is that, if a man agreed to pay a barber to shave his beard, the barber then failing to do so would terminate the man’s obligation to pay.
What is the difference between condition precedent and condition subsequent?
For example, in real estate, a mortgage contract will have a condition precedent that an inspection to assess the condition and value of the property must occur. The opposite of condition precedent is condition subsequent, which defines conditions that must be met for either party to exit from the contract.
What is condition precedent and condition subsequent?
1. A condition precedent is one the fulfillment of which completes an inchoate title. A condition subsequent is one of the fulfillments of which extinguishes a title already completed. A condition precedent always comes before the creation of an interest.
What is a condition precedent clause?
A condition precedent is a condition that must take place before any legal duty is required by either of the parties. If the condition precedent does not happen, there is no legal duty owed and the contract is no longer effective. The condition precedent clause can be written in any variety of ways.
What do you understand by the terms conditions precedent and conditions subsequent?
What is a condition subsequent UK?
Related Content. A condition in a contract that provides that the agreement, or certain parts of the agreement, will only come into force if and when certain conditions are satisfied within a specific time.