condition subsequent


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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. Examples: if the Dingbat Company closes its business, a supplier will not be required to fulfill its contract and deliver gidgets to the company and the contract will terminate; if daughter-in-law Beatrice terminates her marriage to Reggie Fauntleroy, her interest in the real property will terminate and revert to the grantors, Mom and Dad Fauntleroy. (See: condition)

References in periodicals archive ?
Information replying to a request is not binding on the service provider, the acquisition of participation, nor is it a condition subsequent to the actual acquisition of the participation.
2004-34 because the advance payments were subject to a condition subsequent and, thus, were considered earned in the year of receipt.
Second, the formula clause created a condition subsequent to the completed gifts and, as such, was void for federal tax purposes as contrary to public policy.
As the Whitfield court wisely observed: 'a defendant can always argue that a that a contract does not exist, that a condition precedent was not satisfied, that an exception applies, that a condition subsequent was not satisfied, etc.
Students know the difference between a 'fee simple absolute' and a 'fee simple subject to condition subsequent,' but they don't know the first thing about how to write a will that takes these concepts into account.
The motion judge agreed that the subcontract was formed on March 8, 1985, but found that Section 19 created a condition subsequent which, if unmet, would void the subcontract.
Furthermore, the mere fact that a savings clause revokes a transfer because it involves a condition subsequent will not render it invalid.
Without getting into ancient learning, certain slight variants in the wording of the clause will result in it being declared a condition subsequent - and hence of no significant use to a landlord - rather than a conditional limitation.
The agreement between Aurum and Argonaut is subject to the completion of a condition subsequent.
Il Applicants are reminded that under the provisions governing the purchase orders, achieving the maximum amount is an imperative condition subsequent of the framework agreement, irrespective runtime restante.
Distortion of income, or more precisely the taxpayer's proving that none occurred, is thus a condition subsequent with respect to the intercompany transaction situation, although distortion of income, or more precisely, the state's identification of transactions in which distortion of income arguably occured, remains a condition precedent with respect to the Sec.
In an effort to keep Luther Vandross' fans informed and clarify rumors that are circulating about his condition subsequent to his stroke thirteen days ago, I would like to release the following information.