Condition Legal Meaning and Definition

Here is a simplified definition of the legal term Condition.

Condition (noun)

1. A specific requirement, term, or stipulation that is agreed to by the parties involved in a contract. It's a legally binding obligation that must be fulfilled for the contract to be considered valid or for certain aspects of the contract to take effect. Failure to meet a condition could result in the termination of the contract, consequences for the offending party, or other legal remedies.

Example: If a person signs a contract to buy a car, a condition might be that they must secure financing by a certain date. If they fail to meet this condition, the contract may be invalidated.