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Simple English definitions for legal terms

economic frustration

Read a random definition: FICA Tax

A quick definition of economic frustration:

Economic frustration is when something unexpected and uncontrollable happens that prevents someone from fulfilling a contract or achieving a goal. This can be used as an excuse for not being able to perform, but it can also lead to the termination of a contract if the purpose of the agreement is significantly affected. It is important to note that frustration caused by one's own actions is not considered economic frustration, but rather a breach of contract. Temporary frustration can also occur, which suspends the duty to perform until the event causing the frustration is over.

A more thorough explanation:

Definition: Economic frustration is a type of frustration that occurs when a party is unable to perform their contractual obligations due to unforeseeable and uncontrollable circumstances. It is also known as commercial frustration.

Examples:

  • Self-induced frustration: This occurs when a party breaches the contract by their own actions, which prevent the performance. For example, if a contractor fails to deliver the materials on time, causing a delay in the construction project.
  • Temporary frustration: This occurs when an event prevents the performance and legally suspends the duty to perform for the duration of the event. For example, if a natural disaster occurs, preventing the delivery of goods.
  • Frustration of purpose: This occurs when a party's principal purpose is substantially frustrated by unanticipated changed circumstances, and their duties are discharged, and the contract is considered terminated. For example, if a company hires a venue for a conference, but the venue is destroyed by fire before the event, making it impossible to hold the conference.

The examples illustrate how economic frustration can occur due to various reasons, such as a party's own actions, natural disasters, or unforeseeable circumstances that make it impossible to perform contractual obligations. In such cases, the party's duties may be discharged, and the contract may be considered terminated.

Economic Espionage Act | economic-harm rule

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I don't really know where I want to end up practicing yet, but I've enjoyed living in the midwest so far. I think I might ultimately like to end up as in-house corporate for the work life balance.
ParallelAgreeableOrangutan
11:53
I lived in Bloomington for a long time, can't speak to the law school but can answer Qs about the city if you'd like
@ParallelAgreeableOrangutan: How do you think it is to live in as a 20-something going to grad school? The comparison is Iowa city, so not an extremely high bar for liveliness. (No offense intended towards IC. I think it's a lovely place)
NosyBeagle
11:56
@NemoPropheta: taking it in august. feels like ill never be ready but f it we ball
I think the secret to happiness is fuck it we ball
is one ever truly ready for something? probably not. but fuck it we ball!
12:20
I went ahead and registered for August as well since it was free
12:20
Getting 2 180s back to back is better than one right
ronniedoeslaw
12:26
In all of your research, what minimum LSAT score do you believe gets you into UIC law?
12:27
I remember the last guy on here who was convinced he was gonna get a 180 bc he scored in that range on PTs
12:28
🤐
12:29
ugh someone come rub my bellly
12:33
@esoterica: he wasnt on that grindset mentality. im him
12:34
Im gonna drink so much saratoga water on test day
ParallelAgreeableOrangutan
12:43
@LawOfAchilles: (hiii sorry so slow, am at work) Bloomington is lovely, I loved it as an undergrad and as a 20something non-student.
ParallelAgreeableOrangutan
12:45
If you're outdoorsy, it's nice--obv no coasts or mountains, but two small lakes really close, lots of places you can go on a lowkey hike or camp without paying park fees or anything really
ParallelAgreeableOrangutan
12:47
super bikable, decent food to be had, things to do but not so much that you'll be distracted and never study lol. idk I'm a fan haha, I miss it
lmao I just got the LSAC notif that I'm under review at IU Maurer
ParallelAgreeableOrangutan
13:11
May you have better luck than I did :)
YAYYY JUPITER
@LawOfAchilles: if you like the outdoors, you're gonna love bloomington.
both uiowa and iu have a good reputation, especially with midwestern law firms. their alumni resources are pretty top notch too.
14:11
Hey guys, are any T14 schools doing tours during the summer?
NosyBeagle
14:24
@NemoPropheta: the lsat was free for you? lucky
14:26
who else piss on the floor during their lsat
sloth i gotta know about caesar beans
14:35
@NosyBeagle: yeah you just have to be poor and then they let you take it for free twice
NosyBeagle
14:54
ah ok it's a fee waiver. i think ill do that
NosyBeagle
14:54
the test got more expensive since the last time i took it
NosyBeagle
14:54
smh
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