This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
Under a contract by which the owner of land agrees to pay to the promoter of a railroad five thousand dollars when he shall extend his railroad southerly to a certain section of land, and ten thousand dollars if the land sells at a specified price per acre, the extension of such railroad is a condition precedent to recover under the contract, and without such extension the promoter of the railroad cannot recover, even if the land sells for the stipulated amount.1 Under a contract for paying for work in installments, and retaining part of the amount due each month as a security for the faithful performance, complete performance is a condition precedent to the recovery of any part of such reserve.2 Under a contract to dig a well, to reach a suitable supply of water, reaching such suitable supply is a condition precedent to the recovery.3 Under a contract to pay a certain sum to a university, if within thirty days the university should permanently locate the university buildings, to cost not less than one hundred thousand dollars, upon a given tract of land, the location of such buildings, and not their erection, constitutes the condition precedent. The covenant as to the cost of the buildings is merely a stipulation.*