Describe the Elements of Substantial Performance of a Contract and the Effect

question 18

Essay

Describe the elements of substantial performance of a contract and the effect of a finding of substantial performance on damages.

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Definitions:

Misprint

A mistake in printed material resulting from mechanical failures of some kind.

Breach of Contract

A breach of contract occurs when one party in a binding agreement fails to fulfill their obligations as stipulated in the contract, allowing the other party to seek legal remedy.

Solicitation

The act of seeking to obtain something, often business or trade, by making a direct or indirect request.

Commercial Reasonableness

A principle requiring a party to act in a fair, honest, and reasonable manner in business transactions.