Final answer:
A condition precedent is an event or condition that must occur before a party is obligated to perform their contractual obligations. A corresponding waiver provision is often included in condition precedent clauses to allow one party to waive the occurrence of the condition precedent.
Step-by-step explanation:
In contracts, a condition precedent is an event or condition that must occur before a party is obligated to perform their contractual obligations. The purpose of a condition precedent clause is to outline the specific requirements that must be met before the contract becomes enforceable. A corresponding waiver provision is often included to allow one party to waive the occurrence of the condition precedent if they choose to do so.