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About the Term “Commenced Performance†(Used in Art. 308 of the Commerce Act) Regulating the Earnest Money Institute

Author

Listed:
  • Zlatka Vangelova

    (University of National and World Economy, Sofia, Bulgaria)

Abstract

The legal literature does not interpret uniformly the final moment when a party of a contract may back out of it. Under one of the expressed opinions this is the moment of commencement of the factual performance, while, under the second opinion, this is the maturity date of the obligation for performance of any of the parties in the contract. The second opinion is supported in this report and arguments are presented in its favour.

Suggested Citation

  • Zlatka Vangelova, 2021. "About the Term “Commenced Performance†(Used in Art. 308 of the Commerce Act) Regulating the Earnest Money Institute," Nauchni trudove, University of National and World Economy, Sofia, Bulgaria, issue 4, pages 231-238, November.
    • Handle: RePEc:nwe:natrud:y:2021:i:4:p:231-238
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    File URL: http://unwe-research-papers.org/bg/journalissues/article/10436
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    More about this item

    Keywords

    back out of a contract; earnest money; liquidated damages; maturity date; default;
    All these keywords.

    JEL classification:

    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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