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Are there any exceptions to the rule that personal expenditures cannot be deducted?
Material Breach
A significant violation or failure to comply with a contractual obligation, which allows the other party to terminate the contract.
Time is of the Essence
A clause in contracts that specifies that exact times and dates are crucial and non-adherence to them constitutes a breach of contract.
Strict Performance
A legal standard requiring parties to a contract to fulfill their obligations exactly as specified in the contract, without deviation or error.
Express Condition
A specific condition explicitly stated in a contract that must be fulfilled for the contract's obligations to be performed.
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