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FRUSTRATION OF CONTRACTS : There can be several factors beyond the control of the parties to a contract which makes the performance of contractual obligations impossible. Example are wars civil disturbance, floods fire at the factory or strikes at ports In the common law countries(principally the UK and the Commonwealth countries), such situations are referred to as 'frustration of contracts'. The equivalent concept is known as 'force majeure' In the civil law countries (principally Western Europe). The term used for the same purpose while trading with the Russia and the East European countries is Relief. If due to such reason, the party concerned cannot do what he is supposed to do under the contract, the contract can be terminated and the party will not be liable to pay damage to the other party.
There is no unanimity of opinion as to what factors should be covered under frustration of contract. It is, therefore, suggested by legal experts, that the contract itself should specify the factors, constituting force majeure.
Imagine that you have been hired by a well-known marketing research firm. Your supervisor has asked you to use the expectancy disconfirmation model (for review refer to page 318 an
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What is perception mapping? Does it differ for each product category?
Deemed Exports: It refers to those transactions in which the goods supplied do not leave the country and the payment for such goods are made in India. The supply of goods shall be
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