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 ?
of ha Eligibility Criteria : This agreement is concluded under a condition subsequent, which is realised in the event of one
It contains a self-described "condition subsequent," which conditions Volvo's ability to exercise its right of first refusal on the closing of the rest of the deal between dealers and TEC.
Another time that a condition on a testamentary gift might not be enforced is if it is a "condition subsequent"--a condition that is sought to be imposed after the gift is already received.
2004-34 because the advance payments were subject to a condition subsequent and, thus, were considered earned in the year of receipt.
If the closing is a condition precedent, then many believe that the deduction should be considered a condition subsequent, thus invoking the next-day rule for the first two extraordinary items covered in the new guidance.
No compelling reason exists to treat the insurance policy here different from any other contract or to treat the exclusionary provision different from any other condition precedent or condition subsequent. 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., and, therefore, that a simple breach of contract claim is equitable in nature, and, thus, needs to be brought in Supreme Court, with its attendant delay, complexity, and expense' (12 Misc 3d at 429).
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.
Information replying to a request is not binding on the supplier for tendering procedures, nor is it a condition subsequent to the actual participation in the tender.
It also argued the adjustment clause created a "condition subsequent" to completed gifts and thus was void as contrary to public policy, as courts have held in a line of cases from Procter, 142 E2d 824 (4th Cir.