What is a defining characteristic of concurrent conditions in a contract?

A defining characteristic of concurrent conditions in a contract is that both parties are required to perform at the same time. This means that the fulfillment of one party’s obligation is contingent on the simultaneous fulfillment of the other party's obligation. This arrangement is critical in ensuring that both parties receive the benefits of the contract simultaneously, which helps to maintain fairness and balance in the performance of contractual duties.

For example, in a transaction where one party is selling a product and the other party is paying for that product, both actions—delivery of the product and payment—must occur at the same time for the contract to be executed as intended. This characteristic underscores the interdependence between the parties involved in a contract with concurrent conditions.