nonoccurrence of event

См. также в других словарях:

• condition — con·di·tion 1 n 1: an uncertain future act or event whose occurrence or nonoccurrence determines the rights or obligations of a party under a legal instrument and esp. a contract; also: a clause in the instrument describing the act or event and… …   Law dictionary

• bond — 1 n 1 a: a usu. formal written agreement by which a person undertakes to perform a certain act (as appear in court or fulfill the obligations of a contract) or abstain from performing an act (as committing a crime) with the condition that failure …   Law dictionary

• interest — in·ter·est / in trəst; in tə rəst, ˌrest/ n [probably alteration of earlier interesse, from Anglo French, from Medieval Latin, from Latin, to be between, make a difference, concern, from inter between, among + esse to be] 1: a right, title, claim …   Law dictionary

• fee simple — Typically, words fee simple standing alone create an absolute estate in devisee and such words followed by a condition or special limitation create a defeasible fee. Babb v. Rand, Me., 345 A.2d 496, 498. === Absolute. A fee simple absolute is an… …   Black's law dictionary

• fee simple — Typically, words fee simple standing alone create an absolute estate in devisee and such words followed by a condition or special limitation create a defeasible fee. Babb v. Rand, Me., 345 A.2d 496, 498. === Absolute. A fee simple absolute is an… …   Black's law dictionary

• condition — conditionable, adj. /keuhn dish euhn/, n. 1. a particular mode of being of a person or thing; existing state; situation with respect to circumstances. 2. state of health: He was reported to be in critical condition. 3. fit or requisite state: to… …   Universalium

• confession — con·fes·sion n 1: an act of confessing 2: an acknowledgment of a fact or allegation as true or proven; esp: a written or oral statement by an accused party acknowledging the party s guilt (as by admitting commission of a crime) compare admission; …   Law dictionary

• commercial frustration —    An unforeseen and uncontrollable event that renders a party to a contract unable to carry out his or her contractual duties. The nonoccurrence of the event must be a basic assumption of the parties when the contract is signed. Also known as… …   Business law dictionary

• underlier — underlying or underlier An option or a future is a right or a commitment to buy or sell something at a future date. The underlying is the financial instrument that may or must be bought or sold in each option or futures contract. FAS 133, as… …   Financial and business terms

• underlying — or underlier An option or a future is a right or a commitment to buy or sell something at a future date. The underlying is the financial instrument that may or must be bought or sold in each option or futures contract. FAS 133, as amended by FAS… …   Financial and business terms

• forfeiture — The loss or deprival of an *asset or legal right. Forfeiture can be a punishment for wrongdoing, or it can arise from the nonoccurrence of an event in a commercial contract. An example of the latter is the loss of a deposit required for the… …   Auditor's dictionary