What is a condition? Give an example of each of the following types of conditions: condition precedent, condition concurrent, conditions subsequent.

A condition is an uncertain event that affects the duty of performance. Condition precedent-If William is to buy Anna's land for $50,000, provided William can obtain financing in the amount of $40,000 at no more than 7% interest, the obtaining of financing at no more than 7% interest is a condition precedent. Condition concurrent-If Arnold has contracted to sell Brian a watch for $10, with delivery and payment to take place at the same time, the obligation to pay for the watch is a condition concurrent with the obligation to turn over the watch to Brian. Condition subsequent-Where goods are sold under terms of "sale or return," the buyer has the right to return the goods to the seller within a stated period, but is under an immediate duty to pay the price unless credit has been agreed upon. The duty to pay the price is terminated by a return of the goods, which operates as a condition subsequent.