Day: April 10, 2021

Law Quiz

April 10, 2021 / / 0 Comments
Credit : iata.org
  1. Which statement is correct?
    1. Any nonperformance when performance is due is a breach.
    1. A party has not breached if he has substantially performed.
  2. If a court determines that a party has substantially performed, then the other party
    1. has the right to terminate the contract.
    1. has the right to suspend performance.
    1. has no rights.
    1. may seek damages for any loss caused by the breach.
  3. If enforced by the court, what is the typical effect of a “time is of the essence” clause?
    1. A partially breaching party who is late in performing is given time to cure the breach.
    1. The clause negates the right of the breaching party to cure if he is late in performance
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Barney’s Beachfront Property

April 10, 2021 / / 0 Comments
Credit: medium.com

In preparation for the hurricane season, Barney, who owns beachfront property in Florida, enters into a contract with XYZ Contractors to have a wall built to prevent waves from reaching his house. The contract requires that the wall be finished by June 1, which is the start of the hurricane season. The contract has a clause that states “time is of the essence.” During the last week of May, the wall is still 30% incomplete. Even if XYZ Contractors worked around the clock, it would miss the June 1 deadline—a fact that XYZ acknowledges. Barney terminates the contract and hires another contractor to finish the wall.

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