A future and uncertain event upon the happening of which certain rights or obligations will be either enlarged, created, or destroyed.
An express condition is clearly stated and embodied in specific, definite terms in a contract, lease, or deed.
Such as the provision in an instalment credit contract that, if the balance is paid before a certain date, the debtor's interest will be reduced.
An implied condition is presumed by law based upon the nature of a particular transaction and what would be reasonable to do if a particular event occurred.
If a woman leases a hall for a wedding on a certain date, her ability to use the hall is based on its implied continued existence. If the hall burns down before that date, use of the hall is impossible due to fire; therefore, the law would imply a condition excusing the lessor from liability.
A condition precedent must occur before a right accrues.
A woman may convey her house to her son based on the condition that the son marry by the age of twenty-five. If the son fails to marry by that age,he has lost his right to the house.
A condition subsequent means that a right may be taken away from someone upon the occurrence of a specified event.
An owner of property may convey land to a town on the condition that it be used only for church purposes. If the land conveyed is used to build a shopping mall, then ownership would revert to the original owner.
Concurrent conditions are conditions in the law of contracts that each party to the contract must simultaneously perform.