Final answer:
Waiving a condition refers to choosing to proceed with a transaction even when a condition has not been fulfilled. This concept is commonly seen in contract law.
Step-by-step explanation:
When a condition has not been fulfilled and a party can decide to proceed with the transaction, it is known as waiving a condition. This concept is commonly seen in contract law. Waiving a condition means that one party is choosing to overlook or give up their right to enforce a particular condition of the contract.
For example, let's say two parties enter into a contract where Party A agrees to sell a house to Party B, but the contract specifies that Party B must secure financing within 30 days. If Party B fails to secure financing within the specified time frame, Party A can choose to waive this condition and proceed with the sale anyway.
By waiving a condition, Party A is essentially stating that they are still willing to go through with the transaction even though the condition has not been met.