Chartered Property Casualty Underwriter (CPCU) 530 Practice Exam

Concurrent conditions describe obligations that must be performed at the same time. In a contract, each party’s duty is conditioned on the other party’s performance, so one party’s obligation to perform depends on the other party also performing at the same moment. If one side waits or fails, the other is usually excused from performing. This differs from conditions precedent (which must happen before performance) and conditions subsequent (which operate after performance has begun). Anticipatory breach and repudiation refer to a party signaling they won’t perform before the time of performance, not to the timing of simultaneous conditions. Tender is simply the act of offering to perform or pay, not about tying two performances to occur together. So the term for an event that must occur at the same time as another condition is a concurrent condition.