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Contracts Law Q1
Contracts Law
Q1. Describe and explain the legal principles and statutory provisions that determine when a party to a contract may be excused from its contractual obligations
Q2. Evaluate the operation of the law of contract within its social and economic context
Expert Solution
Q1. A party to a contract may be excused from its contractual obligations under the following circumstances:
- When the death or incapacitation of parties happened prior to performance of contract
- When the subject matter of the contract was destroyed prior to performance;
- When there is a change in the law which is applicable in the contract makes the performance illegal
- Other supervening circumstances making it impossible for both parties to perform the contract
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