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Video instructions and help with filling out and completing When Form 5495 Subsequent

Instructions and Help about When Form 5495 Subsequent

In this video, we will discuss conditions precedent. A condition precedent is something that must happen before a party must keep his promise in a contract. In a contract, parties typically make promises. A condition precedent is something that must occur before a party has to keep his promise. Let's say Patti wants to build a swimming pool in a public park, so Patti enters into a contract with a builder. The contract includes terms concerning the size and shape of the pool, and of course, Patti's promise to pay the builder. The contract also states that it is subject to the city's approval of the pool in the public park. So, Patti meets with the city and introduces her idea for a swimming pool. However, her idea is rejected, but the city's approval was a condition precedent for Patti to pay the builder. Therefore, Patti can walk away from the contract, and she doesn't have to hire the builder because the condition precedent of city approval failed. Patti does not have to keep her promise to hire the builder. If you'd like to discuss conditions precedent or any other matter related to US law, feel free to stop by the message board and please visit my blog. Also, feel free to submit your comments below and send me an email.