What Is the Effect of Frustration on a Contract? What

question 8

Essay

What is the effect of frustration on a contract? What, at common law, happened to a deposit paid prior to a contract being frustrated?

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Definitions:

LIFO Method

Last In, First Out method; an inventory valuation technique where the latest items added to inventory are the first ones removed during sales.

FIFO

"First In, First Out," an inventory valuation method where the earliest items purchased are the first to be sold.

Inventory

The total amount of goods available for sale or use by a business.

Perpetual Inventory System

An accounting method that records inventory purchases or sales immediately through the use of computerized point-of-sale systems and enterprise asset management software.