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frustration of purpose

   Also found in: Wikipedia 0.07 sec.

frustration of purpose n. sometimes called commercial frustration, when unexpected events arise which make a contract impossible to be performed, entitling the frustrated party to rescind the contract without paying damages. Example: Jack Appleseller contracts to buy a commercial building to rent out, and, while the sale is pending, the building is condemned by the city as unsafe for any use. Mr. Appleseller can back out of the purchase without obligation.
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The company asserts claims against the defendants based on violations of the Federal securities laws, fraudulent misrepresentation, fraudulent inducement and concealment, civil conspiracy, negligent misrepresentation, breach of fiduciary duty, breach of contract, conversion, impossibility and impracticability of performance and frustration of purpose of the Purchase Agreement and transactions described therein.
Asia Web Holdings Inc. Files Complaint Against PT. Jaring Data ... by Business Wire
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