Contract Law - Contract becoming onerous

What this page is about: Contract becoming onerous

Whatever the alleged source of frustration, a contract isn't discharged under the doctrine of subsequent impossibility and frustration1 merely because it turns out to be difficult to perform or onerous2. accordingly the parties won't generally be released from their bargain on account of ordinary risks of business, such as rises or falls in prices3, depreciations of currency or unexpected obstacles to the execution of the contract4. In particular, a party's insolvency or inability to get finance won't discharge him, unless, of course, the parties have agreed otherwise5.

Further, where the change of circumstances is insufficiently serious to frustrate a contract, the party unsuccessfully claiming frustration remains liable to perform his promises6.

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Also in this section:

888. Impossibility, frustration and mistake
889. Impossibility and frustration in general
890. Relative impossibility
891. Impossibility caused by a party to the contract
892. Intention of the parties: acceptance of the risk of impossibility
893. Alternative promises
894. Impossibility ab initio
895. Mistake of quality at common law
896. Mistake in equity
897. In general
898. Juristic basis
899. Fault of party: self-induced frustration
900. Ambit of doctrine of frustration: application to particular contracts
901. Leases and sales of land
902. Causes of frustration
903. Death or incapacity of party
904. Contract becoming onerous
905. Matters within scope of contemplation of parties
906. Force majeure clauses
907. What constitutes an act of God
908. Contracts made subject to licence
909. Introduction
910. Time of frustration
911. Frustration of part, or suspension, of a contractual obligation
912. Losses arising from frustration: effect at common law
913. Losses arising from frustration: effect by statute
914. Advance payments and sums accrued due before discharge
915. Payment for valuable benefit obtained
916. Severable provisions
917. Express provisions
918. Insurance moneys
919. Contracts to which the 1943 Act doesn't apply