concurrent condition

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Concurrent condition is a mutually dependent condition in a contract that must be performed simultaneously with another condition of the contract in order for the contract to become legally enforceable. In Addie v. Kjaer, while defining concurrent conditions, the Third Circuit held that “Agreements concerning an exchange of promises require performance to be exchanged simultaneously whenever possible, unless the agreement indicates otherwise. This simultaneous exchange of performances creates concurrent conditions, under which performance by one party creates a condition precedent for performance by the other party.”

[Last updated in January of 2022 by the Wex Definitions Team]