Valid contract for the sale of the restaurant

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Reference no: EM132184182

Assume that Jack and Hal and Sophia enter into a valid contract for the sale of the restaurant and for the covenant not to compete. The contract calls for Hal and Sophia to pay $300,000 now, and 10% of the gross proceeds of the restaurant and frozen food to Jack for the next ten years. There is a clause in the contract that states if the revenue from the proceeds of the gross sales dips below $50,000 per year, that Jack would then get back the rights to sell the frozen food himself. That clause is: a concurrent condition. a condition subsequent. a condition precedent.

Reference no: EM132184182

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