[OASIS Issue Tracker] Commented: (EMIX-168) Line 122 - tenders,performance calls - Definitions required since wholesale use bids andoffers

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Toby Considine commented on EMIX-168:
-------------------------------------

This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.

I. Definition And Nature. Sec. 2852. Definition And Nature Of Tender
Tender is a proffer of performance made in due form by a party who is entitled to perform1 The elements of tender which are necessary to make a tender in due form are discussed in the following sections.2

For some purposes, including the necessity of the actual production of the thing which is tendered,3 and the effect of a refusal of tender upon the obligation of the party by whom tender is made,4 and also with reference to the effect of a tender after breach on the part of the party who makes such tender,5 a distinction must be made between the tender which is a proffer of performance of a covenant to pay a liquidated sum of money, and the tender which is a proffer of performance of any other covenant such as a covenant to convey land, to deliver personal property, to render services, and the like.

From another standpoint, a distinction must be made between tender of the various forms of covenants with reference to their relation to one another. The relation of covenants is considered in detail in connection with the subject of the breach of such covenants and of the effect of such breach.6 In this connection it may be pointed out that the great distinction lies between tender of performance of a concurrent covenant where the party who tenders performance has a right to demand simultaneous performance in return on the part of the party to whom performance is tendered;7 and the tender of performance of a subsequent covenant,8 or of a precedent covenant,9 or of an independent covenant,10 in which cases the party who tenders performance can not make a tender in due form if he demands performance in return on the part of the party to whom such performance is tendered.11



> Line 122 - tenders, performance calls - Definitions required since wholesale use bids and offers
> ------------------------------------------------------------------------------------------------
>
>                 Key: EMIX-168
>                 URL: http://tools.oasis-open.org/issues/browse/EMIX-168
>             Project: OASIS Energy Market Information Exchange (eMIX) TC
>          Issue Type: Improvement
>          Components: spec
>    Affects Versions: csprd01 Public Review Draft
>         Environment: IRC
>            Reporter: Toby Considine
>            Assignee: Toby Considine
>


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