RoaldDahl
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LSDefine
Simple English definitions for legal terms
future performance
Read a random definition: contingent trust
A quick definition of future performance:
Future Performance: This means doing something that you promised to do in the future. For example, if you promised to clean your room tomorrow, that is future performance. It's important to keep your promises and do what you said you would do. If you don't, it could cause problems and you might have to pay for it.
A more thorough explanation:
Definition: Future performance refers to the completion of an obligation that will become due under a contract in the future.
For example, if a company signs a contract to deliver a product to a customer in three months, the delivery of the product is considered future performance. The company has an obligation to fulfill the terms of the contract by delivering the product on time.
Future performance is an important aspect of contract law because it ensures that both parties fulfill their obligations. If one party fails to perform in the future, they may be held liable for breach of contract.