A Condition Precedent

question 1

Multiple Choice

A condition precedent

• A) requires certain conditions be met before other conditions are required
• B) is not legal in Contracts
• C) should be avoided since it will usually delay payment
• D) requires an attorney to mitigate the issue

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Definitions:

Low Bidders

Entities or individuals who offer the lowest price to win contracts or procurements, particularly in auctions or competitive bidding processes.

Bargaining Position

The relative power or leverage that a person or entity holds in negotiation scenarios.

Close Substitutes

Products or services that can easily replace one another in use or consumption, often leading to intense competition between firms.

Commission Salesman

An individual who earns income based on the percentage of sales made, rather than a fixed salary.