dissolution

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Dissolution

Act or process of dissolving; termination; winding up. In this sense it is frequently used in the phrase dissolution of a partnership.

The dissolution of a contract is its Rescission by the parties themselves or by a court that nullifies its binding force and reinstates each party to his or her original position prior to the contract.

The dissolution of a corporation is the termination of its existence as a legal entity. This might occur pursuant to a statute, the surrender or expiration of its charter, legal proceedings, or Bankruptcy.

In domestic relations law, the term dissolution refers to the ending of a marriage through Divorce.

The dissolution of a partnership is the end of the relationship that exists among the partners as a result of any partner discontinuing his or her involvement in the partnership, as distinguished from the winding up of the outstanding obligations of the business.

dissolution

the termination of a formal or legal relationship, such as partnership or marriage.

DISSOLUTION, contracts. The dissolution of a contract, is the annulling its effects between the contracting parties.
     2. This dissolution of a partnership, is the putting an end to the partnership. Its dissolution does not affect contracts made between the. partners and others; so that they are entitled to all their rights, and they are liable on their obligations, as if the partnership had not been dissolved. Vide article Partnership and 3 Kent, Com. 27 Dane's Ab. h.t.; Gow on Partn. Index, h.t.; Wats. on Partn. h.t.; Bouv. Inst. Index, h.t.

DISSOLUTION, practice. The act of rendering a legal proceeding null, or changing its character; as, a foreign attachment in Pennsylvania is: dissolved by entering bail to the action. Injunctions are dissolved by the court.