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Performance

contract sale terms regard

The fulfillment or accomplishment of a promise, contract, or other obligation according to its terms.

Part performance entails the completion of some portion of what either party to a contract has agreed to do. With respect to the sale of goods, the payment—or receipt and acceptance of goods—makes an oral sales contract, otherwise unenforceable because of the STATUTE OF FRAUDS, enforceable in regard to goods for which payment has been made and accepted or which have been received and accepted.

SPECIFIC PERFORMANCE is an equitable doctrine that compels a party to execute the agreement according to its terms where monetary damages would be inadequate compensation for the breach of an agreement, as in the case of a sale of land. In regard to the sale of goods, a court orders specific performance only where the goods are unique or in other proper circumstances.

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