Legal Question in Business Law in New York
Economic Impossibility of Performance
Our company has signed a contract for services that we now realize will put us out of business financially if we implement the services. We have heard about a doctrine called the Economic Impossibility of Performance, and wonder if it applies if we can prove that we would in effect go bankrupt if we begin using their services.
Asked on 3/01/01, 6:57 pm
1 Answer from Attorneys
Robert R. Groezinger
GroezingerLaw P.C.
Re: Economic Impossibility of Performance
I received your post on 4-25-2001.
Indeed there is a doctrine called Impossibility of Performance. Unfortunately, the facts that you have stated in your inquiry are too meager to determine its viability in your situation.
Good Luck
RRG
Answered on 4/25/01, 3:11 pm
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