Also known as frustration of purpose or the inability to complete a contract because an item has fundamentally changed, e.g. a bottle of wine that was to have been purchased was discovered to be incorrectly labeled or a cow to be purchased had died during negotiation. … [Read more...]

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...]