CONDITION SUBSEQUENT. The parties may have agreed in their contract that the failure to fulfill a specified term, or the happening of a stated event, should discharge the contract, or they may have agreed that one of the parties should have the right to determine it upon no tice to the other.
The discharge of a contract by the occurrence of a specified condition or event, is illustrated by the case of a bond, the liability upon it being terminated upon the happening of the condition expressed. In con tracts of personal service it is quite customary to stipu late for the determination of the contract by a reason able notice being given, and in England these stipula tions have grown into presumptions of fact, but not in this country. (Miller v. Goddard, 34 Me. 102; The Saxonia Co. v. Cook, 7 Col. 572.)