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condition legal definition
noun
- A prerequisite or stipulation in an instrument.
- A future and uncertain event, fact, or circumstance whose existence or occurrence is necessary for the existence or determining the extent of an obligation or liability. See also estate and fee simple.
concurrent condition
A condition precedent that must exist, occur, or be performed
at the same time as another, but separate, condition before a duty or
obligation arises.
condition precedent
A condition (other than lapse of time) that must exist,
occur, or be performed before a liability or obligation arises.
condition subsequent
A condition that, if it occurs or comes into existence, will
extinguish a duty or obligation.
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