Explanation:

Condition precedent refers to a condition that must be fulfilled before a contract can be considered valid and enforceable. In the context of acceptance, it means that the offeree must fulfill a condition before their acceptance of an offer becomes effective. Non-fulfillment of this condition leads to the lapse of the offer.

1. Definition of a condition precedent:
- A condition precedent is a condition that must occur or be fulfilled before a specific event or obligation can take place.
- In the context of acceptance, it refers to a condition that the offeree must fulfill before their acceptance becomes valid.

2. Significance of a condition precedent in acceptance:
- In contract law, acceptance is one of the essential elements for the formation of a valid contract.
- However, for the acceptance to be effective, it must meet certain requirements, which may include the fulfillment of a condition precedent.
- If the offeree fails to fulfill the condition precedent, their acceptance is considered ineffective, and the offer lapses.

3. Consequences of non-fulfillment:
- Non-fulfillment of a condition precedent by the offeree means that their acceptance is not valid.
- As a result, the offer is considered to have lapsed, and the offeror is no longer bound by the terms of the offer.
- The offeree cannot enforce their acceptance or hold the offeror accountable for any obligations under the offer.

4. Examples:
- For example, if a company offers a job to a candidate, but the offer is conditional upon the candidate passing a background check.
- If the candidate fails the background check, they have not fulfilled the condition precedent, and their acceptance of the job offer is ineffective.
- The offer would lapse, and the company would not be obligated to employ the candidate.

In conclusion, non-fulfillment by an offeree of a condition precedent to acceptance leads to the lapse of the offer. The offeree's acceptance is considered ineffective, and the offeror is no longer bound by the terms of the offer. It is important for parties to carefully consider and fulfill any conditions precedent before accepting an offer to ensure the validity and enforceability of the contract.