frustration of purpose

frustration of purpose
n.
A situation that arises when a condition that was part of a contract does not occur, through no fault of either party, but the condition was the reason for one party entering the contract in the first place; can be cause for terminating the contract.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


frustration of purpose
Category: Bankruptcy, Foreclosure & Debt
Category: Business, LLCs & Corporations → Business Accounting, Bookkeeping & Finances
Category: Business Cash Flow Problems & Bankruptcy
Category: Business, LLCs & Corporations → Business Tax & Deductions
Category: Personal Finance & Retirement → Taxes → Tax Audits
Category: Small Claims Court & Lawsuits

Nolo’s Plain-English Law Dictionary. . 2009.

frustration of purpose
n.
   sometimes called commercial frustration, when unexpected events arise which make a contract impossible to be performed, entitling the frustrated party to rescind the contract without paying damages. Example: Jack Appleseller contracts to buy a commercial building to rent out, and, while the sale is pending, the building is condemned by the city as unsafe for any use. Mr. Appleseller can back out of the purchase without obligation.
   See also: commercial frustration

Law dictionary. . 2013.

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