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Condition
Something about the market, customers, consumers, costs, competitors, etc. that would need to be true in order for managers to believe that an option is valid, and therefore an option to which they could commit.
Implications
A specific requirement or stipulation in a contract or agreement that must be met for the contract to be fulfilled or for certain actions to take place.
Example
Example: A real estate purchase agreement includes a condition that the sale is contingent on the buyer securing financing by a specified date.
Related Terms
Different from terms, which outline the general provisions of an agreement, conditions are specific requirements that must be met for the agreement to proceed.
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