Reassessing Scope Of Contractual Impossibility Under Doctrine Of Frustration: In Modern Commercial Contracts
Shivam Bansal, Manav Rachna University
ABSTRACT
The Article introduces its approach towards the applicability, implications and significance of the Frustration of Contract defined U/s 56 of Indian Contract Act, 872. It proposes the involuntary extinction of the obligation and the liability imposed upon it because of the occurrence of a supervening event which makes the performance of the contract unlawful and sometimes, impossible. This article provides you a way out where the parties involved, faces equitable outcomes in response of the supervening events happened. The article purportedly fills the gap of supervening events by using the principle (frustration) herein construed with justice, equity and fairness. Moreover, the article also talks about its applicability according to the modern commercial contracts. Then it throws some light upon the types of impossibility of contract including initial impossibility, supervening impossibility and subsequent impossibility.
The paper also mark an attempt to state various judicial precedents which defines the extent of validity of the doctrine, nature of liabilities and obligations upon the parties.
Keywords: Frustration, Force Majure, Supervening Events, Impossibility.
