Concurrent Conditions

In one sentence

Contract obligations that must be performed at the same time by both parties.

Plain English

Concurrent conditions are requirements in a contract that both parties must fulfill simultaneously, rather than one after the other. Neither party has to perform first; instead, they exchange their performances at the same time. This is common in sales transactions where the buyer and seller exchange money and goods at closing. If one party fails to perform their part at the agreed time, the other party is typically excused from performing theirs. Concurrent conditions protect both sides by ensuring neither is left vulnerable.

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Example

At a real estate closing, the buyer and seller have concurrent conditions. The seller must deliver the deed at the same moment the buyer delivers the payment. Neither party performs first; the exchange happens simultaneously to protect both.

Used in a sentence

“The contract contained concurrent conditions requiring both parties to perform their obligations on the same day.”

Related terms

Contract

A legally binding agreement between two or more parties to do or not do something.

Conditions Precedent

An event that must happen before a party's obligation under a contract kicks in.

Breach

A failure to do what a contract requires, such as not paying or not delivering.

Executory

A contract in which one or both parties still have duties to perform in the future.

Doctrine of Impracticability

Performance is excused when it becomes extremely difficult or expensive due to unforeseen events.

Offer

A proposal to enter into a binding agreement on specific terms.

Acceptance

Agreeing to the exact terms of an offer, creating a binding contract.

Consideration

Something of value exchanged by each party to make a contract binding.

This page is a plain-English reference and is not legal advice. Laws vary by jurisdiction and change over time. For specific situations consult a licensed attorney.