1
Q
substantial performance
A
under a common law K, if one party has substantially performed, the other party is obligated to perform and complete performance
2
Q
material breach
A
occurs when one party’s failure to perform under the K substantially deprives the other party of the benefit they bargained for
3
Q
time is of the essence clauses
A
if timely performance is essential as stated in the K, failure to perform by that time is a material breach; arises if one party indicates as a term of the K that performance by a given date is essential
