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부동산

Performance and Forbearance 

In contract language, "performance" means to do what one agreed to do. Some contracts require a party to refrain from doing something and that is called "forbearance". Contracts may include both performance and forbearance requirements. 

Example of Performance:

A homeowner enters into a contract with a flooring company to have wood floors installed in his or her home. The company agrees to install certain materials within a certain timeframe and the homeowner agrees to pay a certain price at various stages of installation. Each party signs and the contract is dated. The homeowner and the company now must perform according to contract. 

Example of Forbearance:

A tenant signs a lease for an apartment and agrees not to redecorate without management approval, not to park in driveways, not to leave trash on the sidewalk, and so on. The landlord agrees not to enter the apartment without appropriate notice. The tenant and the landlord must refrain from doing these things according to the lease contract. 

Default and Breach

Default is to fail to do something required by law or duty. California laws protect the rights of parties who have entered into valid contracts. Those who fail to perform are in default and may be sued by the other party. 

breach is something torn or broken. In contract law, it means that someone has broken his or her word. 

These terms will all come up throughout the chapter as we continue our discussion of contract law.

No. Subject Date Views
Notice 부동산 용어사전 2019.04.15 2084
Notice 부동산 용어 (A to Z) 2019.03.03 1336
261 culmination 2019.05.22 150
260 Chapter Conclusion Chapter 14 2019.04.27 150
259 appraiser payment 2019.05.25 149
258 Real Estate Law 87 2019.05.15 147
257 Real Estate Law 64 2019.05.12 147
256 Real Estate Law 56 2019.05.11 147
255 Four unities 2019.04.03 147
254 TEST 16 2019.03.10 147
253 TEST 9 2019.03.05 147
252 requirement be restored 2019.05.22 146
251 Orange County home median price $732,750 2020.02.01 144
250 Real Estate Law 69 2019.05.13 144
» Performance and Forbearance / Default and Breach 2019.05.08 144
248 Law 1 2019.05.02 144
247 TEST 4 - Correction 2019.03.02 143
246 Real Estate License Laws and the Real Estate Commission 2019.02.27 143
245 Real Estate Settlement Procedures Act (RESPA) 2019.05.23 142
244 Real Estate Practice -4 (Understanding-Answers) 2019.04.12 142
243 Chapter 4 - TEST 2019.03.02 142
242 Review Chapter 10 2019.05.12 141
241 Chapter 2 Review 2019.05.04 141
240 Movies/television/media 2018.08.26 141
239 Chapter 14 Conclusion 2019.05.16 139
238 Exam Essentials 2019.03.01 139
237 Mortgage demand falls to lowest level in 22 years 2022.06.11 139
236 Chapter 27 Conclusion 2019.03.27 138
235 The California Real Estate Commissioner 2019.02.28 138
234 Chapter 2 Conclusion 2019.03.01 136
233 Real Estate Law 32 2019.05.08 134
232 Law 3 2019.05.03 134