Question

Antonio owns property on which a gasoline station once stood. Josh agrees to buy the land so that he can build an office on it. They include language in the contract making the purchase contingent on a determination that there are no environmental problems with the property. The contingency represents:__________.a. an implied conditionb. a condition precedentc. a condition subsequent d. a concurrent condition

Answer 1

Answer:

The answer is A. condition precedent.

Explanation:

A condition precedent refers to an event or state related to affairs that it is necessary before another event occurs. Condition precedents are usually utilized in wills and trusts.

In terms of business contracts, condition precedents are related to different conditions that determine how different activities must be handle. A condition precedent is present in wills and trusts when the transfer of money only takes place when some stipulations are established.