👉 In contract law, a "penultimate" or "last" term is a condition specified in a contract that must be fulfilled before any other terms of the agreement can be satisfied. This means that if one party fails to fulfill this last term, the other party has no right to terminate the contract and may still have rights under the agreement. For example, in a sales contract, a "penultimate" condition might stipulate that the seller must deliver goods within a certain timeframe after the purchase order