18:49
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LSDefine
Simple English definitions for legal terms
offer of performance
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A quick definition of offer of performance:
An offer of performance is a promise made by one party to another that they are able to fulfill their contractual obligations. This promise can be made through words or actions. If both parties are supposed to perform their obligations at the same time, each party has the right to refuse until the other party makes an appropriate offer of performance. This requirement is subject to the agreement of the parties and what is reasonably expected in view of practical difficulties.
A more thorough explanation:
Definition: An offer of performance is a reasonable assurance given by one party to another that they are able to fulfill their contractual obligations. This assurance can be given through words or actions.
For example, if you hire a contractor to build a house for you, the contractor may offer to show you their portfolio of completed projects as an assurance that they are capable of completing the job.
When both parties are expected to perform their obligations simultaneously, each party has the right to refuse to proceed until the other party makes an appropriate offer of performance. This means that both parties need to assure each other that they are ready and able to fulfill their obligations before proceeding with the exchange.
Overall, an offer of performance is an important aspect of contract law that helps ensure that both parties are able to fulfill their obligations and that the exchange of goods or services can proceed smoothly.