Subpart 4—Frustrated contracts

60 Application

(1)

Sections 61 to 66 apply if—

(a)

a contract governed by New Zealand law has become impossible to perform or has been otherwise frustrated; and

(b)

the parties to the contract have for that reason been discharged from the further performance of the contract.

(2)

Subsection (1) and sections 61 to 66 are subject to sections 67 to 69.

(3)

In this subpart, time of discharge means the time at which the parties to the contract were discharged as referred to in subsection (1).

Compare: 1944 No 20 s 3(1), (2)