Asked by Franco Volschenk on May 21, 2024
Verified
Which of the following are types of conditions that affect the performance obligations of the parties?
A) Conditions precedent and subordinate conditions
B) Conditions subsequent and executory conditions
C) Concurrent conditions and conditions subsequent
D) Conditions precedent,conditions subsequent,and concurrent conditions
E) Conditions precedent and executed conditions
Conditions Precedent
Legal terms that must be met before a party is required to perform under a contract.
Executory Conditions
Provisions in a contract that require certain actions to be performed before an obligation becomes absolute.
Concurrent Conditions
In a contract, terms under which each party’s performance is conditioned on the performance of the other; occur only when the parties are required to perform for each other simultaneously.
- Acknowledge the influence and purpose of contractual agreements on the performance responsibilities of the engaged entities.
Verified Answer
Learning Objectives
- Acknowledge the influence and purpose of contractual agreements on the performance responsibilities of the engaged entities.
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