condition precedent

condition precedent
condition precedent see condition

Merriam-Webster’s Dictionary of Law. . 1996.

condition precedent
n.
A fact or state of affairs that must exist before a particular contractual duty must be performed.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


condition precedent
An event or state of affairs that must occur before something else will be required to occur. In a contract, a condition precedent is an event that must take place before the parties must perform the agreement. Compare: condition subsequent
Category: Business, LLCs & Corporations

Nolo’s Plain-English Law Dictionary. . 2009.

condition precedent
The meaning of this term depends on the context in which it is used:
• In contract law, a condition in a contract which provides that the agreement or certain parts of the agreement will only come into force if and when certain conditions are met. No binding contract exists until the condition precedent has been satisfied.
• In banking terms, a condition in a loan agreement that must be satisfied by the borrower before it may request a drawdown and the lender is obliged to lend. Unless otherwise provided, the rest of the loan agreement will be binding on the borrower on execution and it will be obliged to pay fees and make representations from then.
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USA
This term has a number of meanings. In the context of:
• Corporate, the conditions in a contract that must be satisfied before the agreement or certain parts of the agreement come into force.
• Finance, a condition in a loan agreement that the borrower must satisfy before it may request a drawdown and the lender is obligated to lend. Unless otherwise provided, the rest of the loan agreement will be binding on the borrower on execution and it will be obligated to pay fees and comply with the terms of the loan agreement.
Glossary

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

condition precedent
n.
   1) in a contract, an event which must take place before a party to a contract must perform or do their part.
   2) in a deed to real property, an event which has to occur before the title (or other right) to the property will actually be in the name of the party receiving title. Examples: if the ship makes it to port, the buyer agrees to pay for the freight on the ship and unload it; when daughter Gracella marries she shall then have full title to the property.
   See also: condition

Law dictionary. . 2013.

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Look at other dictionaries:

  • condition precedent — conˈdition ˌprecedent noun [countable] LAW a condition in a contract that will only come into force once something stated in the contract happens or becomes true: • The continuing existence of the lease was not a condition precedent to the right… …   Financial and business terms

  • Condition precedent — refers to an event or state of affairs that is required before something else will occur. In contract law a condition precedent is an event which must occur, unless its non occurrence is excused, before performance under a contract becomes due, i …   Wikipedia

  • Condition precedent — Precedent Pre*ced ent, a. [L. praecedens, entis, p. pr. of praecedere: cf. F. pr[ e]c[ e]dent. See {Precede}.] Going before; anterior; preceding; antecedent; as, precedent services. Shak. A precedent injury. Bacon. [1913 Webster] {Condition… …   The Collaborative International Dictionary of English

  • condition precedent — A contractual condition that is required to be met before a contract can be completed. (Dictionary of Canadian Bankruptcy Terms) United Glossary of Bankruptcy Terms 2012 …   Glossary of Bankruptcy

  • Condition Precedent — A legal term describing a condition or event that must come to pass before a specific contract is considered in effect or any obligations are expected of either party. There may also be condition precedents in the ongoing life of a contract,… …   Investment dictionary

  • condition precedent — A condition which is precedent either to the existence of a contract (17 Am J2d Contr § 24) or to the inception of an obligation immediately to perform a contract previously made. 17 Am J2d Contr § 321; in the law of estates, a condition which… …   Ballentine's law dictionary

  • condition precedent — noun a condition imposed on an agreement that must be satisfied before property is transferred between parties …   Wiktionary

  • condition precedent — noun : a condition whose fulfillment must precede the vesting of an estate, the taking effect of a contract, or the accruing of a right …   Useful english dictionary

  • condition precedent —    In a contract, an event that must take place before a party must perform or do his or her part. For example, supplies must be delivered to a building site before a contractor is required to start work on a project …   Business law dictionary

  • remainder subject to a condition precedent — See: contingent remainder Category: Wills, Trusts & Estates Nolo’s Plain English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009 …   Law dictionary

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