Define and differentiate between conditions and warranties in contract law. How do they impact the rights and obligations of the parties?

In contract law, conditions and warranties are terms that are used to describe the nature and effect of contractual promises or obligations. They play a significant role in determining the rights and obligations of the parties involved. Let's define and differentiate between conditions and warranties: 1. Conditions: Conditions are essential terms of a contract that are considered to be of vital importance. They are key requirements or stipulations that must be fulfilled for the contract to be performed or for a party to be obligated to perform their part of the contract. If a condition is not met, it may result in the contract being discharged or the affected party being excused from performing their obligations. a) Condition Precedent: A condition precedent is a condition that must be fulfilled before the parties' obligations to perform under the contract arise. It is a future event or circumstance that must occur or be satisfied for the contract to become effective. If the condition precedent is not fulfilled, the contract may not come into existence, or the parties may be relieved of their obligations. b) Condition Subsequent: A condition subsequent is a condition that, if it occurs after the contract is formed, can terminate or....