What is a condition precedent?
A)an event that happens before a contract takes effect
B)an event that is related to a contract and happens before a contract takes effect
C)an unconditional undertaking given by a promisee to the promisor to perform an event before a contract takes effect
D)any set of circumstances or events that the parties agree must be satisfied or must happen before their contract takes effect
E)an undertaking,conditional on the execution of a contract between the parties,that a promisee makes to a promisor prior to entering into a contract

Question

Quizplus · Accepted Answer

A condition precedent is any set of circumstances or events that the parties agree must be satisfied or must happen before their contract takes effect. It is a precondition that must be met in order for the contract to be valid. Examples of conditions precedent include obtaining a license or permit, securing financing, or completing a background check.

What Is a Condition Precedent