Condition precedent

{
  "id": "MLC-T-LAW-001158",
  "term": "Condition precedent",
  "field": "Law",
  "definition": "A clause in a contract or legal document that specifies an event or action that must occur before a party is required to perform its obligations or before a right becomes effective. If the condition is not met, the contractual duty or right does not arise. For example, obtaining financing is often a condition precedent to a real estate purchase.",
  "url": "https://mlchart.com/terminology/law/condition-precedent/"
}