Locke v. Bort

The issue presented by this appeal is whether the wording, “when . . . terms of financing balance of purchase price agreeable to purchaser have been arranged not to exceed thirty days from date of this agreement,” constitutes a condition precedent or a mere method of fixing time for payment of the balance of the purchase price.

Restatement, 1 Contracts, p. 359, sec. 250 (a), recognizes conditions precedent in contract law, and states that, when such a condition is provided, the fact upon which the condition is based must occur “before a duty of immediate performance of a promise arises,”…