Performance-Agreement

Question 1

Other Principle #1

Answer 1

A contract may still be void even if terms are not explicitly stated in a contact as they may be implied by law, custom, or previous dealing.

Question 2

Other Principle #2

Answer 2

If the purpose of the contract is lost (condition is not fulfilled), then the contract is void from the date of the breach. Repudiation.

Question 3

Other Principle #3

Answer 3

If a warranty is not fulfilled, then monetary compensation is required. Not sufficient to void the contract.

Question 4

Other Principle #4

Answer 4

In partial performance, the non-breaching party is allowed to accept the performance or break the agreement. It would depend on the terms and conditions. It also depends if partial performance is of a condition or a warranty, the remedies would then be different.

Question 5

Other Principle #5

Answer 5

Termination or frustration results in discharge of a contract.