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| The things you agree to do, or must happen, before the other guy has to do what he said he'd do. Not to be confused with [[consideration]], which is what you give him for doing it. | | {{a|glossary|}}The things you agree to do, or that must happen, before the other guy has to do what {{sex|he}} said he'd do. |
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| So: I agree to lend you my car for ten quid, but before I let you have the keys, you must give proof you have insurance. The ten pounds is consideration; the insurance certificate is a [[condition precedent]]. | | Not to be confused with [[consideration]], which is what you give {{sex|him}} in return for doing it. So: I will lend you my car for ten quid, but before I give you the keys, you must prove you have insurance. The ten pounds is [[consideration]]; the insurance certificate is a [[condition precedent]]. |
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| It reminds me of a story from the [[jolly contrarian]]'s youth. It was decades ago, a mild Friday evening in the infancy of the credit derivatives market. It was all to do with a [[note]], credit linked to the republic of South Africa. I had faxed if off to the client, as one did in those days, and was jut putting my jacket on to leave for the weekend.
| | This all reminds me of a story from the [[Jolly Contrarian]]’s youth. |
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| The phone rang. I turned on my heels. Should I answer?
| | {{South African CLN}} |
| | | {{sa}} |
| Valour got the better part of discretion, and I did. It turned out to be a partner from that famous derivatives firm<ref>Not famous. It was and, as far as I know, still is, a shipping and marine insurance specialist.</ref> Stephenson Harwood. He announced himself as the legal adviser to the prospective client, and told me he had some comments on the swap. Only he pronounced it [[sw-æp]], to rhyme with “crap”, and not [[sw-ŏp]], to rhyme with chop — something that no self-respecting British child would ever do.
| | *[[Swap does not rhyme with crap]] |
| | | {{egg}} |
| In any case this chap sent in his mark-up of the, er, [[sw-æp]], and he had rather gone to town on it, in a manner indicating only a passing acquaintance with the derivatives market, but great expertise in the issues arising when one ships things by sea.
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| My supervising partner was an excitable fellow<ref>''Highly'' excitable. To keep a lid on his blood pressure, he retired shortly thereafter and now runs a newsagent in Gillingham.</ref>. I confess it was with a guilty glee that I trotted around and dropped the comments — they were compendious as they were ill-informed — on his desk, the way an obstreperous child might drop a match into a canister of petrol. It had the anticipated effect. Whilst the young [[JC]] was patiently explaining this setback to our client, a giant investment bank represented by a callow but quick young fellow from Dublin in his first year out from Trinity College.
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| “I have never been so outraged”, said my supervisor, his face a deep puce. “I have covered his draft with unprintable words! Obscenities! Words starting with “c” and “p” ...!”
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| There was the most exquisite pause before the young Irishman on the speakerphone interjected:
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| :“[[Conditions precedent]]?”
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