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CONDITION

1. A prerequisite or requirement; 2. A possible future event, which will trigger the duty to perform a legal obligation or will cause a real property interest to arise, vest or be extinguished. CONCURRENT CONDITION a condition precedent that exists only when parties to a contract are obligated to perform at the same time
CONDITION PRECEDENT an act or event that must occur before a duty of immediate performance of a promise arises, or before a real property interest will arise or vest.
CONDITION SUBSEQUENT a fact that will extinguish a duty to make compensation for BREACH OF CONTRACT after the breach has occurred, or whose occurrence will result in the extinguishment of an interest in real property
Source: Barron's Dictionary of Legal Terms, Steven H. Gifis, 5th Edition; © 2016

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