An asset which cannot be bought or sold. … [Read more...]

When an unforeseen event makes the purpose of the contract unable to be completed or fulfilled, such as the destruction of items, a law which renders the actions contemplated under the agreement illegal. Under certain circumstances it will automatically terminate a contract, such as where (i) the contract objectives cannot be achieved or performance has been rendered impossible … [Read more...]

Lat. In the civil law. One who had the usufruct of a thing; i. e, the use of the fruits, profits, or increase, as of land or animals. Inst 2, 1, 36, 38. Bracton applies it to a lessee, fermor, or farmer of land, or one who held lands ad firmam, for a farm or term. Bract fol. 261. … [Read more...]

See commercial frustration; making one unable to derive the benefit that would be intended and expected. … [Read more...]

Lat. In the civil law. Fruit fruits; produce; profit or increase; the organic productions of a thing. The right to the fruits of a thing belonging to another. The compensation which a man receives from another for the use or enjoyment of a thing, such as interest or rent See Mackeld. Rom. Law, … [Read more...]