The R7RS working group is using this approach, which got me curious about it.
A Condorcet method is any single-winner election method that meets the Condorcet criterion, that is, which always selects the Condorcet winner, the candidate who would beat each of the other candidates in a run-off election, if such a candidate exists.
In other words:
It is possible for a candidate to be the most preferred overall without being the first preference of any voter. In a sense, the Condorcet method yields the “best compromise” candidate, the one that the largest majority will find to be least disagreeable, even if not their favorite.