Examlex
An ocean carrier's goal of maximizing total revenue of the entire ship by offering very competitive rates that cover their variable costs and then increasing rates according to what the traffic will bear is referred to as:
Substantial Performance
Refers to a situation where a party has completed most of a contract's terms, fulfilling enough of the contract to warrant payment, though some minor elements may still be needed.
Complete Performance
Complete Performance refers to the full and exact execution of all terms and obligations as outlined in a contract or agreement, leaving no duties unfulfilled.
Tender
An offer to perform an obligation or supply goods at a fixed price.
Condition Subsequent
A condition in a contract that, if it occurs, terminates an already established right or obligation.
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