common law performance issues

Question 1

substantial performance

Answer 1

under a common law K, if one party has substantially performed, the other party is obligated to perform and complete performance

Question 2

material breach

Answer 2

occurs when one party’s failure to perform under the K substantially deprives the other party of the benefit they bargained for

Question 3

time is of the essence clauses

Answer 3

if timely performance is essential as stated in the K, failure to perform by that time is a material breach; arises if one party indicates as a term of the K that performance by a given date is essential