13:13
i heard the group interview is really chill and I'm kinda excited to do it
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Simple English definitions for legal terms
condition
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A quick definition of condition:
A condition is a rule that is written down in a contract or other important document. It tells people what they have to do or what they can't do. If someone doesn't follow a condition, the other person might be able to get money or end the agreement. For example, if a company gives special glass to another company, they might say that the glass can only be used if the agreement is kept a secret. Or, a mom might say that her kids can each get $50,000 only if they finish college.
A more thorough explanation:
A condition is a requirement or limitation that is included in a legally recognized document, such as a contract, trust, or law. These conditions can change the rights and duties of those involved in the agreement. If one party fails to fulfill or follow a condition, the other party may have the right to damages or to terminate the agreement.
- Pear Inc. and ABC Building Co. enter into a contract where Pear Inc. will provide specialized glass to ABC Building Co. upon the condition that ABC Building Co. keeps the contract a secret.
- Sarah bequests to each of her children $50,000 upon the condition that each child finishes college.
In the first example, Pear Inc. is providing specialized glass to ABC Building Co. under the condition that ABC Building Co. keeps the contract a secret. This condition changes the rights and duties of both parties involved in the agreement. If ABC Building Co. fails to keep the contract a secret, Pear Inc. may have the right to terminate the agreement or seek damages.
In the second example, Sarah is leaving $50,000 to each of her children upon the condition that they finish college. This condition controls how the assets are delegated based on Sarah's wishes. If any of Sarah's children fail to finish college, they may not receive the $50,000 inheritance.