Performance Obligations

Question 1

Common Law Performance Requirements

Answer 1

Party must substantially perform its contractual obligations in under to demand performance from the other party.

Question 2

UCC Performance Requirements

Answer 2

Party must receive perfect tender unless the parties have an installment K.

Question 3

Anticipatory Repudiation

Answer 3

Occurs when prior to the time of performance being due under the contract, a party announces his intention not to perform.

Question 4

Aggrieved party’s options in response to anticipatory repudaition

Answer 4

Treat the anticipatory breach as breach of contract and either cancel the contract or bring action for damages or specific performance.