deference - a courteous expression (by word or deed) of esteem or regard; his deference to her wishes was very flattering; be sure to give my respects to the dean. 2. deference - courteous regard for people's feelings; in deference to your wishes; out of respect for his privacy.
Conditions precedent is a term used to define all the significant points that need to be dealt with prior to closing a transaction. They are itemized in the letter of intent (LOI) by either the buyer or the seller, although it is usually the buyer who typically inserts them.
precedent A precedent is something that sets a standard for future events. It's hard to say what the legal community would do without the word precedent, since so many legal judgments and decisions are based on what came before. Lawyers and judges often look for a precedent can be used as a guide for a similar case. This word is used elsewhere too. Your mom might not let you stay up late because it would set a bad precedent for future bedtimes. A teacher who lets kids chew gum is setting a precedent that gum-chewing will be OK in the future. People often refer to a precedent later on as a reference point for how things should be.