A promise that contains a condition that must be met before the promise is binding is known as a covenant.

Name: A promise that contains a condition that must be met before the promise is binding is known as a covenant.
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A promise that contains a condition that must be met before it becomes binding is known as a "conditional promise" or "condition precedent," not a covenant. A covenant is a formal agreement or promise in a contract.

A Promise That Contains a Condition That Must Be Met