Black’s Law 4th Edition – condition precedent:
” . . . it is a condition referring to a future event, upon the happening of which
the obligation becomes no longer binding upon the other party,
if he chooses to avail himself of the condition.”
It is first important to understand that The Real Law of the Land in America is the Uniform Commercial Code (UCC) – not the US Constitution/Bill of Rights. The UCC was implemented in all 50 states by the mid 1960s. Quote from UCC GENERAL PROVISIONS § 1-103: “The Uniform Commercial Code must be liberally construed and applied . . . to make uniform the law among the various jurisdictions.” Some call this new legal system statutory law; some call it law merchant; and others refer to it as contract law.