Condition Subsequent 2


Definition of "Condition subsequent"

Termination of a contractual obligation for immediate performance. For example, under the homeowners insurance policy, if the insurer refuses to pay a claim, the insured (if not satisfied with the reason) must bring suit against the insured within one year of having incurred the loss or he/she will forgo forever the right to sue the insurer.

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Condition Subsequent

Condition that depends on the failure or nonperformance of which an estate already granted may be overthrown. Upon the breach of the condition, the g ...

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