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