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Re: Seadrill Partners and Tullow Oil, West LeoNot that wikipedia is the proper legal authority to cite, but regarding frustration (or "frustration of purpose"), from wikipedia: ----- "The Restatement of Contracts, Second § 265 defines frustration of purpose: ' Where, after a contract is made, a party's principal purpose is substantially frustrated without his fault by the occurrence of an event the non-occurrence of which was a basic assumption on which the contract was made, his remaining duties to render performance are discharged, unless the language or circumstances [of the contract] indicate the contrary. 'A circumstance is not deemed to be a "basic assumption on which the contract is made" unless the change in circumstances could not have been reasonably foreseen at the time the contract was made. As a result, it is rarely invoked successfully. Successful invocations usually come in waves during times of substantial tumult, such as after the passage of Prohibition, when bars and taverns no longer had a reason for their leases, or during major wars, when demand for many consumer goods and services drops far below normal. If successfully invoked, the contract is terminated, and the parties are left as they are at the time of the litigation. ----- I got the impression that SDLP did not want to settle this one for any less than the termination-for-convenience payment - if they do, then other customers may want similar treatment. |
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Msg # | Subject | Author | Recs | Date Posted |
34567 | Re: Seadrill Partners and Tullow Oil, West Leo | mo_strategist | 0 | 4/28/2017 3:05:37 PM |