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Perfect Tender Rule
In the United States, the perfect tender rule refers to the legal right for a buyer of goods to insist upon "perfect tender" by the seller. In a contract for the sale of goods, if the goods fail to conform exactly to the description in the contract (whether as to quality, quantity or manner of delivery) the buyer may nonetheless accept the goods, or reject the goods, or reject the nonconforming part of the tender and accept the conforming part.(UCC 2-601.) The buyer does not have an unfettered ability to reject tender. Contrast the perfect tender rule, which applies through the Uniform Commercial Code to the sale of goods, with the substantial performance doctrine, which applies in the common law to non-UCC cases. See also *Substantial performance At common law, substantial performance is an alternative principle to the perfect tender rule. It allows a court to imply a term that allows a partial or substantially similar performance to stand in for the performance specified in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. The United States is also in free association with three Pacific Island sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Republic of Palau. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the most populous country in the Americas and the third most populous in the world. The national capital of the United States is Washington, D.C. and its most populous city and principal financial center is New York City. Paleo-Americ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Substantial Performance
At common law, substantial performance is an alternative principle to the perfect tender rule. It allows a court to imply a term that allows a partial or substantially similar performance to stand in for the performance specified in the contract. This principle is relevant when a contractor's performance is in some way deficient, through no willful act by the contractor, yet is so nearly equivalent that it would be unreasonable for the owner to deny the agreed upon payment. If a contractor successfully demonstrates substantial performance, the owner remains obligated to fulfill payment, less any damages suffered as a result of the deficiencies in workmanship by the contractor. The principle is also found in the law of unilateral contracts. Unilateral contracts are contracts in which one party offers a promise in exchange for an actual performance. Traditionally, such contracts were deemed to be effective once the specified performance was tendered, and could be revoked at any tim ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |