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LWC

Chapter 17

TermDefinition
conditional clauses 1)condition precedent 2)condition subsequent 3)concurrent conditions
substantial performance a party that substantially performs its obligations will receive the full contract price minus the value of any defects
personal satisfaction contract the promise makes a personal, subjective evaluation of the promise's performance
commercial impracticability some event has occurred that neither party anticipated and fulfilling the contract would now be extraordinary difficult and unfair to the one party
frustration of purpose some event has occurred that neither party anticipated and the contract now has no value for one party
condition an event that must occur before a party becomes obligated
strict performance requires one party to fulfill its duties perfectly ( unusual )
material breach is the only kind that will discharge a contract
Created by: jgalindo