Asked by Trinhh Ph??ngg on Jun 09, 2024
Verified
Objective impossibility occurs if a particular contracting party is unable to perform because of financial inability or lack of competence.
Objective Impossibility
A legal concept signifying a situation where the fulfillment of a contractual obligation or duty cannot be completed by anyone due to external circumstances beyond control.
Financial Inability
Financial inability refers to a state where an individual or entity cannot fulfill financial obligations or make payments due to insufficient funds or assets.
- Gain insight into the concept of impossibility in the realm of contract law and identify the differences between objective and subjective impossibility.
Verified Answer
JS
Jacqueline SanchezJun 14, 2024
Final Answer :
False
Explanation :
Objective impossibility refers to a situation where it is physically or legally impossible for anyone to perform the contract, not due to personal incapacity like financial inability or lack of competence.
Learning Objectives
- Gain insight into the concept of impossibility in the realm of contract law and identify the differences between objective and subjective impossibility.