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Promisee
The promisee is the person receiving the promise from the promisor or An individual to whom a promise is made.
Legal Representative
In its broadest sense, one who stands in place of, and represents the interests of, another. A person who oversees the legal affairs of another person. Examples include the executor or administrator of an estate and a court appointed guardian of a minor or incompetent person
Third Party
A third party beneficiary, in the law of contracts, is a person who may have the right to sue on a contract, despite not having originally been a party to the contract. This right arises where the third party is the intended beneficiary of the contract, as opposed to an incidental beneficiary. It vests when the third party relies on or assents to the relationship, and gives the third party the right to sue either the promisor or the promisee of the contract, depending on the circumstances under which the relationship was created
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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
Does delay of time for performance lead to breach of contract?
No, normally there is no expectation of a time limit on the performance of a contract. If there is, it must be negotiated at the time the contract is formed
What Is partial performance legal?
Generally, complete performance is required to discharge the contract. Anything less is called 'Partial' performance and amounts to a breach of 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.
What is substantial contract performance?
A performance of the term of a contract that is deficient in some minor way. Court decides whether contract is discharged. Innocent party does not have to pay for what was not done.
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
What is Contract compliance?
Contract compliance is when a party follows the conditions of a contract. Successful performance and completion of a contract is known as compliance.
How is a contract discharged by tender of performance?
the parties do what they said they would do under the contract
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.
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
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 is a payment bond and a Performance bond?
Performance bonds protect the obligee (obligee is the entity requiring the bond)Requiring a performance and payment bond will insure that the project will be completedIf the principal defaults in its performance set forth in the contract to the obligee and the contractor is unable to successfully perform the job, the surety assumes the contractor's responsibilities and ensures that the project is completed. Below are the four types of contract bonds that may be required1. Bid Bond which guarantees that the bidder on a contract will pierce into the contract and equip the mandatory payment along with performance bonds. 2. Payment Bond which guarantees payment from the contractor of money to persons who furnish labor, materials equipment and also supplies for use in the performance of the contract. 3. Performance Bond which warranties that the contractor will hold out the contract in pact with its terms. 4. Ancillary Bonds which are auxiliary as well as crucial to the performance of the contract. Source http://www.integritybonds.com
