Accounting Essay

827 words - 4 pages

elow is my response to your problem.  Thank you and good luck with your assignment.

Complete:   One party completely refuses to deliver on any part of the agreed upon undertaking with another party.

Substantial: A party who fulfills most of what is agreed upon in a contract with another party, however, the party omits, refuses, or fails to fulfill the remaining conditions of the contract. A Substantial breach will bind the aggrieved party to the conditions of the contract only for the conditions already fulfilled.

Material:   The failure to perform under the conditions of the contract in a significant way that the failure destroys the value of the contract.  A material breach ...view middle of the document...

An example is a contractor is renovating two of the bedrooms in a house. However, the owner of the house fired the contractor because he didn't like the way the new carpets were laid in the two bedrooms. The way the contractor laid the carpets is not flawed but instead of putting the design of the carpet a certain way, the contractor placed it another direction. The contract did not include a "literal and exact performance" clause regarding the manner the carpet should be laid. The two bedrooms are usable and have been renovated. The owner of the house will have to pay the contractor for the two bedrooms he had completed.

In Material Performance:  The party fails to perform in a substantial way that the failure destroys the value of the contract resulting in relieving the aggrieved party from having to fulfill his/her end of the contract. An example is a contractor was instructed to use copper pipes in a home, but instead used iron pipes. The owner of the house can be compensated for the loss in value of his home because some courts will view having to change all the pipes in the house would cause waste and will be costly. Therefore, the court will compensate the owner for the different in value of the house if it had the copper pipes and the value of the house with iron pipes. ...

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