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Substantial Performance
A principle in contract law that allows a contracting party to be considered as having fulfilled its obligations, so long as the crucial elements of the contract have been completed, even if minor details are unfinished.
Nominal Performance
A minimal or token action that barely meets the terms of a contract, often used to avoid breaching the agreement.
Substitution
In law or economics, the act of replacing one party or element of a contract with another.
Rescission
The act of canceling or annulling a contract, returning the parties involved to their positions prior to the agreement.
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