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| The things you agree to do, or must happen, before the other guy has to do what he said he'd do. Not to be confused with [[consideration]], which is what you give him for doing it. | | {{a|glossary|}}The things you agree to do, or that must happen, before the other guy has to do what {{sex|he}} said he'd do. |
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| So: I agree to lend you my car for ten quid, but before I let you have the keys, you must give proof you have insurance. The ten pounds is consideration; the insurance certificate is a [[condition precedent]]. | | Not to be confused with [[consideration]], which is what you give {{sex|him}} in return for doing it. So: I will lend you my car for ten quid, but before I give you the keys, you must prove you have insurance. The ten pounds is [[consideration]]; the insurance certificate is a [[condition precedent]]. |
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| It reminds me of a story from the [[jolly contrarian]]'s youth. It was decades ago, in the infancy of the credit derivatives market. A partner from Stephenson Harwood (the same one that pronounced it [[sw-æp]] and not [[sw-ŏp]]) sent his mark-up of the, er, [[sw-æp]]. He had rather gone to town, in a manner indicative of only passing acquaintance with the derivatives market.
| | This all reminds me of a story from the [[Jolly Contrarian]]’s youth. |
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| Your correspondent’s supervising partner — an excitable fellow who now runs a newsagent in Gillingham—stormed into the room whilst the young [[JC]] was in mid-conversation with the client, a young but quick chap from Dublin.
| | {{South African CLN}} |
| | | {{sa}} |
| :“I have never been so outraged”, said the partner. “I have covered his draft with unprintable words starting with “c” and “p” ...!”
| | *[[Swap does not rhyme with crap]] |
| | | {{egg}} |
| Without missing a beat, the young Irishman interjected:
| | {{ref}} |
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| :“[[Conditions precedent]]?”
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