Business Law Basics by Scott L. Girard

Author:Scott L. Girard
Language: eng
Format: epub
Publisher: Career Press
Published: 2014-04-14T16:00:00+00:00

Performance

Now that the contract is fully formed, there must be the performance of the contract obligations. Performance can be considered actual, attempted or partial, or non-performance. Contrary to what you might think from talking to most attorneys, all parties actually satisfactorily perform in the overwhelming majority of contracts.

Actual performance is doing what you are supposed to do under the contract. The contract will then be completed, or remain in ongoing good standing, based on the type of contract it is. Attempted or partial performance happens when a party makes best efforts but does not complete the process; unforeseen changes to either party or process occur while executing a contract; or a party performs the majority of obligations under the contract, but not everything. Examples include delivering goods that the purchaser no longer needs and will not accept; interference by natural disasters such as hurricanes; or building a complete office building, but putting a roof on it that is different from what the contract required. Each of these situations needs to be addressed in the contract, along with non-performance or breach, in the situation where a party does not or cannot fulfill its commitments.

With what you now know about contracts, and guidance as needed from your attorney, you can use these powerful tools to help shape your business’s future. But read on, because sometimes the troubleshooting clauses of a contract suddenly come into play.

M.R.M

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.