A conditional event refers to a situation where the occurrence or non-occurrence of an event is dependent on the fulfilment of certain conditions. The output, in this context, refers to the result or consequence of the conditional event.
A conditional event is an event that is dependent on the occurrence of another event or condition.
Yes, a contract can be based on a conditional event. For example, a contract may state that payment will be made upon the completion of a certain task.
If the conditional event does not occur, then the obligation or contract may be terminated or modified.
Yes, a conditional event can be waived if all parties agree to waive it.
A condition precedent is a condition that must be met before a contract or obligation becomes effective, while a condition subsequent is a condition that, if it occurs, terminates or modifies a contract or obligation.
Yes, a party can be held liable for not fulfilling a conditional event if it was a material term of the contract or obligation.
Yes, a conditional event can be based on a future event, as long as it is not too uncertain or speculative.
Yes, a conditional event can be based on the actions of a third party, as long as it is not too uncertain or speculative.
Yes, a conditional event can be enforced by a court if it is a material term of the contract or obligation and all other requirements for enforcement are met.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 5th April 2024.
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