What type of contractual condition requires simultaneous action for payment?

The type of contractual condition that requires simultaneous action for payment is a condition concurrent. In contract law, a condition concurrent is defined as a situation where the parties involved must perform their contractual obligations at the same time. This means that one party's performance is dependent on the simultaneous performance of the other party.

In many contractual agreements, especially those involving the exchange of goods for payment, both parties are obligated to perform their duties concurrently. For instance, if you are purchasing a car, the buyer is obligated to pay the agreed-upon price while the seller is required to transfer ownership of the car at the same time. This ensures that both parties are protected and can rely on the performance of the other as a condition for their own obligation.

In contrast, a condition precedent refers to an event or action that must occur before a duty to perform arises, while a condition subsequent ends an existing duty to perform upon the occurrence of a specified event. An implied condition is not explicitly stated in the contract but is understood by the nature of the agreement. None of these other types involve the simultaneous performance of obligations, which is the defining characteristic of the condition concurrent.