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condition definition - legal

n

  1. A prerequisite or stipulation in an instrument.
  2. A future and uncertain event, fact, or circumstance whose existence or occurrence is necessary for the existence or determining the extent of an obligation or liability. See also estate and fee simple.
concurrent condition
A condition precedent that must exist, occur, or be performed at the same time as another, but separate, condition before a duty or obligation arises.
condition precedent
A condition (other than lapse of time) that must exist, occur, or be performed before a liability or obligation arises.
condition subsequent
A condition that, if it occurs or comes into existence, will extinguish a duty or obligation.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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