PERFORMANCE
Performance
under the terms of a contract must be complete performance or all the
rights and obligations of all parties must be fully discharged.
Therefore, under most contracts consideration need not be paid until
complete performance.
However,
under a typical building contract the builder may be paid for value
of work done (quantum
meruit)
even though the builder has
not fully completed the contract such as
when the builder becomes bankrupt.
See:
part
performance
quantum
meruit