substantial performance


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substantial performance

n. in the law of contracts, fulfillment of the obligations agreed to in a contract, with only slight variances from the exact terms and/or unimportant omissions or minor defects. A simple test is whether the omission, variance, or defect can be easily compensated for with money. Examples: a) the contract is for supplying 144 pumps for $14,400, and only 140 were delivered; b) the real property was supposed to be 80 acres and only contained 78 acres. This constitutes substantial performance unless the loss of two acres is crucial to the value of the property (e.g. reduced the number of lots able to be subdivided); c) the product was to be delivered on October 25 and did not arrive until November 5. This constitutes substantial performance unless the product was required for a Halloween sale. (See: contract, specific performance)

References in periodicals archive ?
With Esri ArcGIS powered by SAP HANA now supporting on-premise, cloud and hybrid environments, custo-mers can choose their preferred deployment option to gain substantial performance and scale improvements, while connecting to a much broader set of internal and external data sources for much more powerful spatial analytics and decision-making."
With Esri ArcGIS powered by SAP HANA now supporting on-premise, cloud and hybrid environments, customers can choose their preferred deployment option to gain substantial performance and scale improvements, while connecting to a much broader set of internal and external data sources for much more powerful spatial analytics and decision-making.
This new 3D printer delivers substantial performance improvements and mission critical features that were developed in direct response to customer needs.
- Prefetching of training data can deliver substantial performance improvement.
Energy Market Concentration: Four loans totaling 15.1% of the pool have experienced substantial performance declines as a result of a sustained decline in oil and gas prices and are considered Fitch Loans of concern.
The utilization of machine learning has the ability to provide substantial performance improvements across all parts of a C-UAS system.
memory solutions promise a substantial performance improvement over even the
"The commission thoroughly evaluated our application, including the substantial performance guarantees that were developed during the review process." The PSC approved a settlement capping construction costs, allocating 100 percent of the federal Production Tax Credits and a minimum annual flow of power.
Once formulated optimally into anticorrosion coating systems, Genable dispersions have demonstrated substantial performance gains, providing extensions in coating lifetime of over three times under cyclic salt spray testing (ASTM G-85-94 Prohesion).
There has been no widespread abandonment of the common law rule barring recovery in substantial performance in instances of willful bad faith breach, it argues.
In addition, the guide presumed that "commencement of operations by a franchisee ordinarily would be the earliest point at which substantial performance could occur." When FASB issued ASC 606, the franchisor/franchisee relationship was categorized as being viewed differently and appeared to be viewed as a relationship by which the franchisee was "accessing" the intellectual property of the franchisor over the term of the franchise agreement, and thereby requiring the franchisor to recognize the revenue over the agreement term.
the date on which a copy of the certificate or declaration of the substantial performance of the contract is published;