What is the correct name for a term in an agreement which provides that the agreement does not become a contract until the happening of a certain event?

Name: What is the correct name for a term in an agreement which provides that the agreement does not become a contract until the happening of a certain event?
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Question

Quizplus · Accepted Answer

A condition precedent is a term in an agreement that must be satisfied before the contract comes into effect. It is a requirement that must be fulfilled before any contractual obligations arise.

What Is the Correct Name for a Term in an Agreement