LAW 506-002 – Contracts II

Restatement Second of Contracts § 263


Destruction, Deterioration or Failure to Come Into Existence of Thing Necessary for Performance

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If the existence of a specific thing is necessary for the performance of a duty, its failure to come into existence, destruction, or such deterioration as makes performance impracticable is an event the non-occurrence of which was a basic assumption on which the contract was made.