If it rains, then the game will be canceled
Hypothesis:
Conclusion:

Hypothesis = It rains
Conclusion = The game is canceled
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Explanation:
The general format for a conditional is "If P, then Q".
P is the hypothesis and Q is the conclusion. They are placeholders.
In this case
Some textbooks will write [tex]P \to Q[/tex] to indicate "if P, then Q"