diff --git a/afp/schemas.py b/afp/schemas.py
index d2acd7b..260c8af 100644
--- a/afp/schemas.py
+++ b/afp/schemas.py
@@ -1,6 +1,7 @@
 """AFP data structures."""
 
 from decimal import Decimal
+from itertools import chain
 from typing import Annotated, Any, ClassVar, Literal, Self
 
 from pydantic import AfterValidator, BeforeValidator, Field, model_validator
@@ -321,9 +322,17 @@ def _cross_validate(self) -> Self:
             self.product.min_price,
             self.product.max_price,
         )
-        validators.validate_outcome_space_conditions(
-            self.outcome_space.base_case.condition,
-            [case.condition for case in self.outcome_space.edge_cases],
+        validators.validate_outcome_space_template_variables(
+            [
+                self.outcome_space.base_case.condition,
+                self.outcome_space.base_case.fsp_resolution,
+            ]
+            + list(
+                chain.from_iterable(
+                    [edge_case.condition, edge_case.fsp_resolution]
+                    for edge_case in self.outcome_space.edge_cases
+                )
+            ),
             self.outcome_point.model_dump(),
         )
         if isinstance(self.outcome_space, OutcomeSpaceTimeSeries) and isinstance(
diff --git a/afp/validators.py b/afp/validators.py
index 8b28844..86a162c 100644
--- a/afp/validators.py
+++ b/afp/validators.py
@@ -3,7 +3,7 @@
 from decimal import Decimal
 from functools import reduce
 from operator import getitem
-from typing import Any
+from typing import Any, Iterable
 
 import requests
 from binascii import Error
@@ -178,23 +178,23 @@ def validate_oracle_fallback_fsp(
         )
 
 
-def validate_outcome_space_conditions(
-    base_case_condition: str,
-    edge_case_conditions: list[str],
-    outcome_point_dict: dict[Any, Any],
+def validate_outcome_space_template_variables(
+    values: Iterable[str], outcome_point_dict: dict[Any, Any]
 ) -> None:
-    conditions = [base_case_condition] + edge_case_conditions
-    schemas = ["BaseCaseResolution"] + [
-        f"EdgeCase[{i}]" for i in range(len(edge_case_conditions))
-    ]
-    for condition, schema in zip(conditions, schemas):
-        for variable in re.findall(r"{(.+?)}", condition):
-            parts = variable.split(".")
+    for value in values:
+        for variable in re.findall(r"{(.*?)}", value):
             try:
-                reduce(getitem, parts, outcome_point_dict)
-            except KeyError:
+                referred_value = reduce(
+                    getitem, variable.split("."), outcome_point_dict
+                )
+            except (TypeError, KeyError):
+                raise ValueError(
+                    f"OutcomeSpace: Invalid template variable '{variable}'"
+                )
+            if isinstance(referred_value, dict) or isinstance(referred_value, list):  # type: ignore
                 raise ValueError(
-                    f"{schema}: condition: Invalid template variable '{variable}'"
+                    f"OutcomeSpace: Template variable '{variable}' "
+                    "should not refer to a nested object or list"
                 )
 
 
diff --git a/tests/test_validators.py b/tests/test_validators.py
index 4a14b46..c6e2e8f 100644
--- a/tests/test_validators.py
+++ b/tests/test_validators.py
@@ -110,7 +110,7 @@ def test_validate_price_limits__error():
         validators.validate_price_limits(Decimal("0.11"), Decimal("0.10"))
 
 
-def test_validate_outcome_space_conditions__pass():
+def test_validate_outcome_space_template_variables__pass():
     dct = {
         "a": {
             "b": {
@@ -119,15 +119,29 @@ def test_validate_outcome_space_conditions__pass():
             },
         },
     }
-    base_case_condition = "Reference to {a.b.c}"
-    edge_case_conditions = ["And to {a.b.d} as well"]
 
-    validators.validate_outcome_space_conditions(
-        base_case_condition, edge_case_conditions, dct
+    validators.validate_outcome_space_template_variables(
+        [
+            "Reference to {a.b.c} should pass",
+            "And to {a.b.d} as well",
+            "So as having no template variable",
+        ],
+        dct,
     )
 
 
-def test_validate_outcome_space_conditions__error():
+@pytest.mark.parametrize(
+    "value",
+    [
+        "{a.b.c} and {a.b.e}",
+        "{c}",
+        "{a.b.c.d}",
+        "{a.b}",
+        "{}",
+    ],
+    ids=str,
+)
+def test_validate_outcome_space_tempate_variables__error(value):
     dct = {
         "a": {
             "b": {
@@ -136,13 +150,9 @@ def test_validate_outcome_space_conditions__error():
             },
         },
     }
-    base_case_condition = "Reference to {a.b.e}"
-    edge_case_conditions = []
 
     with pytest.raises(ValueError):
-        validators.validate_outcome_space_conditions(
-            base_case_condition, edge_case_conditions, dct
-        )
+        validators.validate_outcome_space_template_variables([value], dct)
 
 
 @pytest.mark.parametrize(