What is the term for when a party to a contract performs his duties exactly according to the terms of the contract?.

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18-10-2022
Social Studies

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What is the term for when a party to a contract performs his duties exactly according to the terms of the contract?.

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Baraq Baraq · Answer 1 · 2022-10-24T18:12:08+02:00

The term for when a party to a contract performs his duties exactly according to the terms of the contract is called complete performance.

Complete performance by a party implies that the contracting party has done or complete every duty required by the contract. A completely performing party is worthy to a complete performance by the other party.

What is performance in contract law?

Performance in contract law refers to the act of doing that which is demanded by a contract. The aftermath or resultant of successful performance is to discharge the person bound to do the act from any future contractual liability. Performance of a contract excuses a person from further duties under the contract. There are three categories of performance:

Complete Performance,
Substantial Performance, and
Breach.

Therefore, the correct answer is as given above.

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