nonperformance
nonperformance. Failure to discharge an obligation (esp. a contractual one). Cf. PERFORMANCE; MISPERFORMANCE. [Cases: Contracts 315. C.J.S. Contracts § 561.]
Search Results for: NONPERFORMANCE
recognizance
recognizance (ri-kog-n[schwa]-z[schwa]nts). 1. A bond or obligation, made in court, by which a person promises to perform some act or observe some condition, such as to appear when called, to pay a debt, or to keep the peace; specif., an in-court acknowledgment of an obligation in a penal sum, conditioned on the performance or nonperformance
nomine poenae
nomine poenae (nahm-[schwa]-nee pee-nee), n. [Latin “in the name of penalty”] 1. Civil law. A clause in a testament requiring the heir to do something by way of penalty. 2. At common law, a penalty for nonperformance, such as additional rent to be paid by a tenant to a landlord for failing to perform certain
misperformance
misperformance. A faulty attempt to discharge an obligation (esp. a contractual one). Cf. PERFORMANCE; NONPERFORMANCE.
personal defense
An ordinary defense in a contract action — such as failure of consideration or nonperformance of a condition — that the maker or drawer of a negotiable instrument is precluded from raising against a person who has the rights of a holder in due course. • A personal defense can be asserted only against a
frustration
frustration, n. 1. The prevention or hindering of the attainment of a goal, such as contractual performance. commercial frustration. An excuse for a party’s nonperformance because of some unforeseeable and uncontrollable circumstance. — Also termed economic frustration. [Cases: Contracts 309(1). C.J.S. Contracts §§ 520–522, 524.] self-induced frustration. A breach of contract caused by one party’s
subsurety
subsurety (s[schwa]b-shuur[-[schwa]]-tee). A person whose undertaking is given as additional security, usu. conditioned not only on nonperformance by the principal but also on nonperformance by an earlier promisor as well; a surety with the lesser liability in a subsuretyship. [Cases: Principal and Surety 191. C.J.S. Principal and Surety §§ 259–262, 265, 290.]
accounting
accounting. 1. The act or a system of establishing or settling financial accounts; esp., the process of recording transactions in the financial records of a business and periodically extracting, sorting, and summarizing the rec-orded transactions to produce a set of financial records. — Also termed financial accounting. 2. A rendition of an account, either voluntarily
commercial frustration
An excuse for a party’s nonperformance because of some unforeseeable and uncontrollable circumstance. — Also termed economic frustration. [Cases: Contracts 309(1). C.J.S. Contracts §§ 520–522, 524.]
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