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What is a condition precedent?

What is a condition precedent? Here are some definitions.

Noun
  1. (law) a condition imposed on an agreement that must be satisfied before property is transferred between parties.
  2. (law) a condition depending upon an uncertain event which must be fulfilled before an obligation arises or a legal transaction takes effect.
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Being well enough to go to work is, after all, the condition precedent to bringing home a paycheck.
The Court of Appeals also held that Fellows' title was invalid, because the payment of compensation was a condition precedent.
Thus I conclude that requirement to serve a demand is a procedural condition precedent to bringing proceedings.
If a term is a condition precedent to liability, any breach defeats liability but does not lead to a repudiation of the whole contract.
The Term Sheet also provides for a condition precedent concerning the carrying out of a capital increase of at least EUR 10 million.
In the circumstances, we are satisfied you were in breach of warranty and condition precedent.

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