performance

The fulfillment or accomplishment of a promise, contract, or other obligation according to its terms, relieving such person of all further obligation or liability thereunder.

See also execute

- execution

- part performance

- payment;

- substantial performance doctrine.

@ non-performance

Neglect, failure, or refusal to do or perform an act stipulated or contracted to be done. Failure to keep the terms of a contract or covenant, in respect to acts or doings agreed upon. The failure or neglect to render performance called for in a contract, rendering the non-performer liable in damages or subject to a decree or judgment of specific performance.

See commercial frustration

- default

- impossibility

@ part performance

The doing some portion, yet not the whole, of what either party to a contract has agreed to do.

Part performance of an obligation, either before or after a breach thereof, when expressly accepted by the creditor in writing, in satisfaction, or rendered in pursuance of an agreement in writing for that purpose, though without any new consideration, extinguishes the obligation. As regards the sale of goods, the statute of frauds requirement is dispensed with by partial performance for the goods which have been accepted or for which payment has been made and accepted. U.C.C. No. 2-201(3).

+ part performance

A plaintiff who renders partial performance of a contract relying on the promised performance of the other party may successfully resist the defense of the statute of frauds under certain conditions. In order to establish part performance taking an oral contract for the sale of realty out of the statute of frauds, the acts relied upon as part performance must be of such a character that they can reasonably be naturally accounted for in no other way than that they were performed in pursuance of the contract, and they must be in conformity with its provisions. Camerota v. Wisniewski, 21 Conn.Sup. 88,145 A.2d 139, 141.

See U.C.C. No. 2-201(3).

See also performance

@ specific performance

Specific performance. The remedy of requiring exact performance of a contract in the specific form in which it was made, or according to the precise terms agreed upon. The actual accomplishment of a contract by a party bound to fulfill it. The doctrine of specific performance is that, where money damages would be an inadequate compensation for the breach of an agreement, the contractor or vendor will be compelled to perform specifically what he has agreed to do; e.g. ordered to execute a specific conveyance of land.

See Fed.R. Civil P. 70.

With respect to sale of goods, specific performance may be decreed where the goods are unique or in other proper circumstances. The decree for specific performance may include such terms and conditions as to payment of the price, damages, or other relief as the court may deem just. U.C.C. No.No. 2-711(2Xb), 2-716.

As the exact fulfillment of an agreement is not always practicable, the phrase may mean, in a given case, not literal, but substantial performance

@ performance bond

Surety bond which guarantees that contractor will fully perform contract and guarantees against breach of contract. Isaac v. Reliance Ins. Co., 201 Kan. 288, 440 P.2d 600, 605.

Proceeds of bond are used to complete contract or compensate for loss in the event of nonperformance.

+ performance bond

Type of contract bond which protects against loss due to the inability or refusal of a contractor to perform his contract. Such are normally required on public construction projects.

See also bond

- bid bond

- Miller Act

- common law bond

- completion bond

- contract bond

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