FRUSTRATION OF CONTRACT
\fɹʌstɹˈe͡ɪʃən ɒv kˈɒntɹakt], \fɹʌstɹˈeɪʃən ɒv kˈɒntɹakt], \f_ɹ_ʌ_s_t_ɹ_ˈeɪ_ʃ_ə_n ɒ_v k_ˈɒ_n_t_ɹ_a_k_t]\
Definitions of FRUSTRATION OF CONTRACT
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Legal termination of a contract. Forgives non-performance. Except where contract terms override this implied legal provision, it automatically discharges the contract. It is not acceptable as an reason against foreseeable circumstances. It is not applicable contracts like insurance policies. It does occur due to unforeseen circumstances that (1) prevent achieving objectives, (2) cause illegal actions , or (3) render execution impossible. An accident, a change in law, a fire, a sickness, or third-party interference are examples of causes.
By Henry Campbell Black
Word of the day
- relating to covered with or resembling freckles Freckled; speckled; bearing numerous small dots. Affected with lentigo.