Performance Issues in CL K Flashcards
1
Q
If one party has substantially performed, the other party is
A
obligated to perform and complete performance.
2
Q
What is “substantial”?
A
usually considered at least halfway complete
3
Q
Under common law, material breaches by the other party
A
excuse performance
4
Q
Is failure to perform by the time stated in the K a material breach?
A
Not if the performance is rendered within a reasonable time after the time stated BUT
if there is a “time is of the essence clause” then it may be a material breach. Arises if one party indicates as a term of the K that the performance by a given date is ESSENTIAL.