Defeasance – the term refers to additional contract, containing a condition which, if realized, could defeat the main contract. In practice, the term participates in the legal term “defeasible remainder.” In the area of Law of Contracts, it details a vested remainder. This remainder could be terminated, once a specific condition agreed by the parties, occurs. For example in the conveyance procedures, a real estate could be transferred to a third party unless this party dies. This is an example of a vested remainder.

See also “Law of Contracts”

See also “Addendum”

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