Professional Documents
Culture Documents
SESSION: JULY-DECEMBER
PROJECT ON
CONDITIONAL TRANSFER
Under the Supervision of Prof. Shikha Dimri
(TO BE FILLED BY THE STUDENT)
NAME:
PRASHANT SINGH
SAP NO:
ROLL NO:
500028509
R450213080
Acknowledgement:I have taken efforts in this project. However, it would not have been possible without the kind
support and help of many individuals and this organization. I would like to extend my sincere
thanks to all of them. I am highly indebted to Prof. Shikha Dimri for her guidance and constant
supervision as well as for providing necessary information regarding the project & also for her
support in completing my project Conditional Transfer.
My thanks and appreciations also go to my classmates in developing the project and people who
have willingly helped me out with their abilities.
I am also thankful to the IT Department of UPES and the library as well as without them the
making of this project would have been next to impossible.
I am thankful to and fortunate enough to get constant encouragement, support and guidance
from my parents and friends who helped me in successfully completing this project.
Table of contents
1.)
2.)
3.)
4.)
Introduction
Conditional Obligations under Civil Law (Analysis)
Condition Subsequent & Condition Precedent
Conclusion
Introduction
Conditions Precedent
A condition which is prior to the transfer is known as condition
precedent. Where the terms of a transfer of property impose a condition
to be fulfilled before a person has taken an interest in the property, the
condition is known as Condition Precedent.
II)
Conditions Subsequent
The condition which is to be fulfilled after the transfer of property has
already taken place is known as Condition Subsequent. Where a transfer
of property is subject to a condition subsequent the interest which has
already been vested in the transferee is affected by the fulfillment or nonfulfillment of that condition.
III)
Conditions Collateral
The condition which is to be fulfilled simultaneously with the transfer is
known as Collateral Condition. Such a condition is to be performed side
by side the operation of transfer.
ii)
iii)
iv)
v)
vi)
analyzed below. Where the condition is not fulfilled within the allotted time or
when it becomes certain that it will not be fulfilled, the contract is, for all intents
and purposes, considered never to have been formed.
Condition Subsequent
A condition subsequent is an event or state of affairs that brings an end to
something else. A condition subsequent is often used in a legal context as a marker
bringing an end to one's legal rights or duties. A condition subsequent may be
either an event or a state of affairs that must either:
(1) occur or
(2) fail to continue to occur.
Example: A right in land may be cut off by a condition subsequent. When land
rights are subject to a condition subsequent, this creates a defeasable fee called a
Fee simple subject to condition subsequent. In such a fee, the future interest is
called a "right of reentry" or "right of entry." There, the fee simple subject to
condition subsequent does not end automatically upon the happening of the
condition, but if the specified future event occurs, the grantor has a right to retake
his property (as opposed to it reverting to him automatically). Again, the right of
entry is not automatic, but rather must be exercised to terminate the fee simple
subject to condition subsequent. To exercise right of entry, the holder must take
substantial steps to recover possession and title, for example, by filing a lawsuit.
One of the languages used to create a fee simple subject to condition subsequent
and a right of entry is "to A, but if A sells alcohol on the land, then grantor has the
right of reentry."
Condition Precedent
A condition precedent is an event or state of affairs that is required before
something else will occur. In contract law, a condition precedent is an event which
must occur, unless its non-occurrence is excused, before performance under a
contract becomes due, i.e., before any contractual duty exists. For instance, in the
sentence "Jack will only go to heaven after he has died," the death of Jack is a
condition precedent to Jack going to heaven (although it is also possible in this
example for the occurrence of other conditions precedent to be needed before Jack
goes to heaven: it is not stated that Jack will necessarily go to heaven if he dies).
In estate and trust law, it is a provision in a will or trust that prevents the vesting of
a gift or bequest until something occurs or fails to occur, e.g. the attainment of a
Conclusion
The word condition may have a number of meanings. For instance, in some
jurisdictions, condition means a major term of the contract. That is not the sense in
which the term condition is used in this section. The conditional transfers are
generally based on the notion that the condition imposed is form of a consideration
which has to be fulfilled by the party. A condition which is prior to the transfer is
known as condition precedent. Where the terms of a transfer of property impose a
condition to be fulfilled before a person has taken an interest in the property, the
condition is known as Condition Precedent. The condition which is to be fulfilled
after the transfer of property has already taken place is known as Condition
Subsequent. Where a transfer of property is subject to a condition subsequent the
interest which has already been vested in the transferee is affected by the
fulfillment or non- fulfillment of that condition. The condition which is to be
fulfilled simultaneously with the transfer is known as Collateral Condition. These
conditions comprise an important part of the transfer which takes place and
sometimes, rather all the time these conditions when reasonable and legally sound
have to be fulfilled.