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What should performance be with the general rule under the law of contract?
Wiki User
∙ 14y ago
The general rule under the law of contract is that Performance must be............???? would be great if someone could help asap! :D thanks
Wiki User
∙ 14y ago
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How do you evaluate performance in a contract?
performance under a contract must be exactly as it was outlined in the contract
How can a contract be discharged by performance?
When the parties bound by the contract perform exactly as the contract stated they should, so there is nothing more to do under the contract
Explain the difference between complete and substantial performance?
Complete performance under a contract is when a party performs exactly as they were supposed to under the contract. Substantial performance is when a party performed but there was a minor deficit in their performance
How is a contract discharged by tender of performance?
the parties do what they said they would do under the contract
What is complete performance in terms of contracts in law?
This occurs when a party to a contract renders performance exactly as required by the contract; discharges that party's obligation under the contract.
Why a party can be permit to discharge from a contract under the substantial performance?
Because there was a deficit in the way they performed under the contract
What is specific performance of contract and under which circumstances specific performance not granted?
Specific performance is a legal remedy where a party is ordered to perform their obligations under a contract as promised. It is typically granted when monetary damages are inadequate to compensate the aggrieved party. Specific performance may not be granted if the subject matter is personal in nature, the terms of the contract are unclear or unreasonable, or if the court deems it impractical to enforce.
What are the similarities of breach of contract and frustration of contract?
Frustration is when something happens that makes it impossible to perform the contract or makes it so that performance of the contract would undermine the purpose of the contract, whereas breach is caused by a non-performance under the contract.
What is substantial performance in contract law?
When one of the parties under the contract performs but there is a minor deficit in the performance.
What is the meaning of the term performance?
Performance means the accomplishment of a given task measured against preset known standards of accuracy, completeness, cost, and speed. In a contract, performance is deemed to be the fulfillment of an obligation, in a manner that releases the performer from all liabilities under the contract.
How can a contract be discharged?
Discharge usually results from performance but can occur in other ways: i. the occurrence or failure of a condition which a contract is based; ii. breach of contract; iii. by agreement of the parties; and iv. by operation of law
What is the equitable remedy of Specific Performance?
Specific performance is a legal remedy in which a court orders a party to perform a specific act, usually related to a contract. It is typically used when monetary damages are inadequate to fully compensate the injured party, and the subject matter of the contract is unique, such as real estate. This remedy is discretionary and may be granted if the court determines it is appropriate under the circumstances.
