condition
condition, defined:
a fact or an event that triggers or extinguishes obligation to perform under the terms of the agreement.
condition, as it might be used:
An employment relationship in itself does not provide a legal expectation that employment will end only on certain conditions, unless the parties have actually agreed to such terms.
An example of condition:
Fergus bought shares in a new biotech company and wants to minimize his investment risk. He places a stop order with his broker to sell the shares if they drop below 75% of the current value. This creates a condition under which the broker becomes obligated to sell the shares and Fergus is obligated to pay for the transaction.
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Clear-Point Law Dictionary
