Prior to frustration, the rule of absolute contracts and pacta sunt servanda governed contract law. The rule stated that should a party freely enter a contract, they must fufil it. Hence, it was difficult to protect yourself from getting into a bad bargain and so the doctrine of frustration arose when insurance was not readily available. Paradine v Jane 1647 makes this point pretty clear.
Monday, 1 April 2013
3 Minute Cases: Paradine v Jane 1647
Prior to frustration, the rule of absolute contracts and pacta sunt servanda governed contract law. The rule stated that should a party freely enter a contract, they must fufil it. Hence, it was difficult to protect yourself from getting into a bad bargain and so the doctrine of frustration arose when insurance was not readily available. Paradine v Jane 1647 makes this point pretty clear.
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