Performance of a contract is the fulfillment of obligations agreed upon by two parties in a contract. However, it is important to note that the performance of a contract can be divided into two parts: partial performance and complete performance.
Partial performance refers to the performance of the contract that is only partially fulfilled. This means that one or both parties have not completed all of their obligations outlined in the contract. Partial performance occurs when one party has completed some but not all of their obligations, or when both parties have completed some but not all of their obligations.
For example, let`s say that Party A hires Party B to paint their house. The contract states that Party B must complete the job within two weeks and use high-quality paint. However, Party B only completes the job in three weeks but uses high-quality paint. In this case, partial performance has occurred as Party B has completed only one of the two obligations outlined in the contract.
In some cases, partial performance of a contract can still be considered acceptable if it is deemed to be in good faith. This means that even though one or both parties have not fully fulfilled their obligations, they have made genuine efforts to do so.
However, partial performance can also result in a breach of contract. If one party fails to meet their obligations, the other party may be entitled to seek compensation or terminate the contract. In the example above, Party A may be entitled to seek damages as Party B did not fulfill their obligation of completing the job within the agreed-upon timeframe.
In conclusion, partial performance of a contract occurs when one or both parties have not completed all of their obligations outlined in the contract. While it may sometimes be acceptable, in some cases it can result in a breach of contract and entitle the other party to seek compensation or terminate the contract. It is important for parties to fully understand their obligations before entering into a contract to avoid any potential issues regarding performance.
