KnockKnock,Inc.is a manufacturer of stainless steel locks which are well known for their durability.The company contacts a new supplier and forms a supply contract.The contract states that KnockKnock,Inc.will only purchase steel from the supplier if the material supplied is high grade Type 102 stainless steel.This is an instance of a ________.

Question

Quizplus · Accepted Answer

The contract language stating that KnockKnock, Inc. will only purchase steel from the supplier if it meets the specified grade is an example of a condition precedent, which is a condition that must be met before the parties are obligated to perform under the contract.