What Does the Term "Substantial Performance" Mean? What Factors Are

question 3

Essay

What does the term "substantial performance" mean? What factors are generally considered when determining whether one of the parties has substantially performed?

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Definitions:

Barriers To Entry

Economic, procedural, or regulatory obstacles that prevent or hinder new competitors from easily entering an industry or area of business.

Number Of Sellers

The quantity of providers or sellers in a market, affecting competition and pricing dynamics.

Monopolistic Competitor

A type of market structure where many companies sell products that are similar but not identical, allowing for competition on factors other than price.

Short Run

A period in economics during which at least one factor of production is fixed, focusing on immediate effects in production and pricing.