Legal Definitions - single condition

A single condition refers to a specific, solitary event or circumstance that must occur, or fail to occur, for a legal right, obligation, or agreement to become effective, be modified, or terminate. It acts as a prerequisite, meaning that until this one particular requirement is met (or not met, depending on the wording), the legal consequence tied to it will not take effect.

Here are some examples illustrating a single condition:

• Example 1: Real Estate Purchase Agreement

  Imagine a contract for the sale of a commercial property that states, "The sale of the property is contingent upon the buyer securing zoning approval for a retail store within 60 days." In this scenario, the buyer's obligation to purchase the property is dependent on a single condition: obtaining the specific zoning approval. If this one condition is not met within the stipulated timeframe, the contract may become void, and the buyer would not be legally bound to complete the purchase.

• Example 2: Inheritance in a Will

  Consider a will that includes a clause stating, "My niece, Sarah, shall inherit my antique coin collection upon her successful completion of a Bachelor's degree from an accredited university." Here, Sarah's right to inherit the coin collection is subject to a single condition: earning her Bachelor's degree. Until this specific event occurs, the inheritance is not legally transferred to her, even if she is named in the will.

• Example 3: Business Loan Agreement

  A small business owner secures a loan from a bank with a clause stating, "The disbursement of the second half of the loan funds is conditional upon the borrower providing proof of securing a major client contract valued at over $500,000." The bank's obligation to release the remaining loan amount is tied to a single condition: the business owner demonstrating that they have signed a substantial client contract. Without this specific proof, the second disbursement will not be made.