Definition of Legal Terms Performance obligations in a contract can be discharged if performance by one or both parties has been rendered “impossible” or “commercially impracticable,” or if there has been a “frustration of purpose” of one of the parties to the contract by events occurring after the contract was signed. Impossibility is a strict, objective standard and means that not only could the party (or parties) affected by events not perform the terms of the contract, but neither ...

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