What is Impossibility of Performance?
March 29, 2019Impossibility of performance occurs when the contractual duties of one or more parties cannot be fulfilled due to circumstances out of their control. It is a defense to a breach of contract claim. Sometimes unforeseen or unexpected events make it impossible to fulfill the terms of the contract. Some typical example…
DetailsConsideration: An Essential Element in a Valid Contract
March 1, 2019No contract is valid without the inclusion of consideration, which is an exchange of items of value between the two contracting parties. Considerations may consist of money, services, stock, promissory notes, intellectual property, or other tangible items of value. There are no limits on these exchanges unless they…
DetailsAre Limitation of Liability Clauses Enforceable?
February 25, 2019A limitation of liability clause in a contract reduce exposure by limiting the amount or type of damages for which the breaching defendant is responsible. For example, a limitation of liability clause may limit a company’s liability to: Only the compensation/fees paid under the contract Damages other than, say, l…
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