Simple English definitions for legal terms
Read a random definition: compensation period
A triggering condition is an uncertain event that determines the existence or extent of an obligation or liability in a contract. It can be a future event that triggers or negates a duty to perform a promised action. For example, if Jones promises to pay Smith $500 for repairing a car, Smith's failure to repair the car relieves Jones of the promise to pay.
There are different types of triggering conditions, such as:
These examples illustrate how a triggering condition can affect the performance of a contract and the obligations of the parties involved. It is important to identify and understand the triggering conditions in a contract to ensure that all parties fulfill their duties and obligations.