is conditionally preventing the form submit event a race condition ?

is conditionally preventing the form submit event a race condition ?

I have the following submit code for my form:

  1. // Form submit code
  2. $('#gform_wrapper_1 form').submit(function(e){
  3.     
  4.         var FormErrorFlag = false;
  5.         $('.gform_body .form-error').remove();
  6.         
  7.         objCheckFormInputs = {
  8.             1 : validateAlpha($('.gform_body > ul > li').eq(1).find('input').val()),
  9.             2 : validateAlpha($('.gform_body > ul > li').eq(2).find('input').val()),
  10.             3:  isEmpty($('.gform_body > ul > li').eq(3).find('input').val()),
  11.             5:  validateAlpha($('.gform_body > ul > li').eq(5).find('input').val()),
  12.             6:  validateAlpha($('.gform_body > ul > li').eq(6).find('input').val()),
  13.             7:  validateNumber($('.gform_body > ul > li').eq(7).find('input').val()),
  14.             10:  validateNumber($('.gform_body > ul > li').eq(10).find('input').val()) && validateMinAlphaLength($('.gform_body > ul > li').eq(10).find('input').val() , 6),
  15.             12:  validateEmail($('.gform_body > ul > li').eq(12).find('input').val())
  16.         }

  18.         $.each( objCheckFormInputs , function(key , val){
  19.             if(val === false) {
  20.                 FormErrorFlag = true,
  21.                 ErrorText = $('.gform_body > ul > li').eq(key).find('label').text().replace(/\*$/ , '');

  23.                 $('.gform_body > ul > li')
  24.                     .eq(key)
  25.                     .find('input')
  26.                     .parent()
  27.                     .append('<div class="form-error">This field is required</div>');
  28.             }
  29.         });

  31.         if(FormErrorFlag) {
  32.             e.preventDefault();
  33.             e.stopPropagation();
  34.         }
  35.         
  36. });
as you can see the event is only prevented if the form validation sets FormErrorFlag to false I.E. the below line of code:

  1. if(FormErrorFlag) {
  2.             e.preventDefault();
  3.             e.stopPropagation();
  4.         }
My question is , is this a race condition of sorts ?, because the form submit event will only be prevented if the form validation does't pass.

Note:: i cannot use Ajax for form submission as this is for a CMS platform that only needs the form to be prevented form submission if the validation fails. 

Thank you.
Gautam.