Commercial Impracticability - Law Dictionary Search Results
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commercial impracticability : impracticability ...
impracticability
impracticability 1 : the state of being impracticable 2 : a doctrine in contract law: relief from obligations under a contract may be granted when performance has been rendered excessively difficult, expensive, or harmful by an unforeseen contingency ;also : a defense to breach of contract on the ground that it has been rendered impracticable called also commercial impracticability impracticability of performance compare frustration impossibility of performance at impossibility NOTE: Under section 2-615 of the Uniform Commercial Code, the impracticability must arise “by the occurrence of contingency the non-occurrence of which was a basic assumption on which the contract was made” or by compliance with the law. 3 : excessive difficulty in carrying out a procedure (as joinder) ...
Lex loci contractus
Lex loci contractus (the law of the place of the contract). Generally speaking, the validity of a contract is decided by the law of the place where it was made. If valid there, it is, by the general law of nations (jure gentium), held valid everywhere, by the tacit or implied consent of the parties. the rule is founded not merely in the convenience, but in the necessities of nations; for otherwise it would be impracticable for them to carry on an extensive intercourse and commerce with each other. the whole system of agencies, of purchases and sales, of mutual credits, and of transfers of negotiable instruments, rests on this foundation; and the nation which should refuse to acknowledge the common principles would soon find its whole commercial intercourse reduced to a state like that in which it now exists among savage tribes.The same rule applies to the invalidity of contracts; if void or illegal by the law of the place of the contract, they are generally held void and illegal everyw...
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