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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.
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Regression line drawn as Y=C+1075x, when x was 2, and y was 239, given that y intercept was 11. calculate the residualuestion #Minimum 100 words accepted#
OBJECTIVES After Studying this unit, you should be able to: 1. Describe the procedure of Pre-shipment Credit; 2. Explain various types and procedure of Post-shipment Cr
Differentiate yourself with disgracefully bold guarantees that you're competition don't have the guts for. Most people are authentically honest, and if your service is what you say
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