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 noun [C]. âº LAW a previous âaction or decision that can be used as a reason for âallowing something else: The âruling can âserve as a precedent to âchallenge other similar âcases. A âjudgement against the âfund could set a precedent for âcompensation âpayments to more of its 6,000 âinvestors. This is an experiment without precedent in âeconomic âhistory.a bad/dangerous/good precedent This âlaw sets a very dangerous precedent for all âbusinesses.