Question: IF A CONTRACT IS DRAWN UP THAT INDICATES THAT THE PROMISES MADE BY THE PARTIES ARE NOT TO BE PERFORMED UNTIL A SPECIFIED EVENT TAKES

  1. IF A CONTRACT IS DRAWN UP THAT INDICATES THAT THE PROMISES MADE BY THE PARTIES ARE NOT TO BE PERFORMED UNTIL A SPECIFIED EVENT TAKES PLACE, THAT EVENT IS CALLED:

  1. A CONDITION PRECEDENT
  2. AN EXPRESS QUALIFICATION
  3. A CONDITION SUBSEQUENT
  4. NONE OF THE ABOVE

  1. IF A CONTRACT CONTAINS EITHER AN EXPRESS OR IMPLIED CONDITION SUBSEQUENT, AND IF THE SPECIFIED CONDITION THEREAFTER DOES OCCUR, THIS MEANS THAT BOTH PARTIES:

  1. MUST NOW GO AHEAD AND PERFORM THEIR OBLIGATIONS
  2. ARE NOW FREED OF THEIR OBLIGATIONS UNDER THE CONTRACT
  3. ARE NOW FREED OF THEIR OBLIGATIONS IF-AND ONLY IF-THEY MUTUALLY AGREE TO CANCEL THE CONTRACT

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