What type of contract relies on certain specified events occurring for fulfillment?

The concept of a conditional contract is that it stipulates that certain specified events must occur for the contract to be fulfilled or for obligations to arise. In this type of contract, the performance of one or both parties is dependent upon the occurrence of these specified conditions, making the contract enforceable only when the conditions are met.

For example, a conditional contract could include a clause stating that payment will only be made if a certain service is completed by a specific date. If the event does not occur, the obligations outlined in the contract may not need to be fulfilled, thus providing an important framework for managing expectations and responsibilities between parties.

In contrast, unilateral contracts involve a promise from one party in exchange for an act from another party, and bilateral contracts consist of mutual promises made by both parties, while a conditioned contract specifically emphasizes the requirement of events that must occur for the contract to remain active or enforceable. Understanding this distinction is crucial for navigating contractual obligations in various scenarios.