Frustration of contracts , Marketing Research

Assignment Help:

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.

 


Related Discussions:- Frustration of contracts

Packing credit-pre-shipment finance, Packing Credit : The basic purpose ...

Packing Credit : The basic purpose of packing credit is to enable the eligible exporters to procure process, manufacture or store the goods meant for export. Packing credit refe

Methods of dealing with foreign exchange risks, METHODS OF DEALING WITH FOR...

METHODS OF DEALING WITH FOREIGN EXCHANGE RISKS A firm can deal with foreign exchange risks in the following ways: 1) Taking Risk: The firm may decide to bear the risk if t

Sources of information- exports, SOURCES OF INFORMATION : An exporter woul...

SOURCES OF INFORMATION : An exporter would like to know about the market conditions and business practices in foreign countries. Let us study some major sources of information whi

Literature study, Literature Study i) Overview of the organization: ...

Literature Study i) Overview of the organization: First paragraph in this chapter contains the areas of related literature reviewed and outline of the presentation of this l

Marketing.., How is Markov process applied in brand switching

How is Markov process applied in brand switching

Marketing principles, give examples of different product strategies used by...

give examples of different product strategies used by different similar companies to sustain competitive advantages and justify wether thestrategies have been successful

Describe about the generic information questions, Describe about the Generi...

Describe about the Generic information questions Generic information questions are divided into two key areas: classification information questions and identification informati

Procedures for furnishing the forms, Procedures for Furnishing the Forms : ...

Procedures for Furnishing the Forms : The declaration form GR (in duplicate) shall be submitted in duplicate to the commissioner of Customs. After duly verifying and authenticatin

Other provisions-Importer-Exporter Code Number, Importer-Exporter Code Numb...

Importer-Exporter Code Numbe r: No export or import shall be made by any person without an Importer-Exporter Code (IEC) number unless specifically exempted. An application for gran

Sprite, what stage is sprite in the business life cycle?

what stage is sprite in the business life cycle?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd