Chp. 18.2: Strict Performance and Substantial Performance

What is a subjective standard?

Applied only if assessing the work involves personal feelings, taste, or judgement

What is a Time is of the Essence Clause?

Generally makes contract dates strictly enforceable (Including a date doesn't count)

What is strict performance?

Requires one party to perform its obligations precisely, with no deviation form the contract terms

What is substantial performance?

Occurs when one party fulfills enough of its contract obligations to warrant payment

What is good faith?

Parties to a contract must carry out obligation in good faith

What is a personal satisfaction clause?

Permit the promisee to make subjective evaluations of the promisors performance

What is an objective standard?

Used if assessing the work does not involve personal judgment OR if the contract FAILED to explicitly demand personal satisfaction