A condition precedent is a requirement that must be met before an agreement can become legally binding. In other words, it is a condition that must be fulfilled in order for a contract to be valid and enforceable.
There are two types of condition precedents: positive and negative. Positive condition precedents are those conditions that must be met in order for the contract to be valid, such as the parties signing the contract. Negative condition precedent are those conditions that, if not met, will render the contract void, such as one party being unable to perform its obligations under the contract.
Condition precedent can also be referred to as “conditions subsequent,” “prerequisites,” or “conditions precedent to performance.”