ONEROUS CONTRACT Meaning and
Definition
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An onerous contract is a legally binding agreement that imposes significant burdens or obligations on one or both parties involved, resulting in substantial disadvantages or difficulties. This type of contract places a disproportionately heavy burden on one party, often causing financial, administrative, or legal hardships. It is typically characterized by terms and conditions that are excessively demanding, impractical, or disadvantageous for one party, while the other party may benefit significantly.
An onerous contract typically arises when unforeseen circumstances or events make the contract burdensome to perform. For instance, if market conditions change dramatically, causing prices to rise or fall significantly, one party may be left with a financial burden that they did not anticipate at the time of entering into the contract. This could result in significant losses or inability to fulfill the obligations under the contract.
In certain jurisdictions, specific legal provisions or principles may be available to address onerous contracts. For example, in some cases, a party burdened by an onerous contract may seek relief through negotiation, renegotiation, or legal action to modify or terminate the contract. Such provisions aim to restore fairness and balance to the contractual obligations, preventing the unreasonable exploitation of one party by another.
In conclusion, an onerous contract is a legal agreement that imposes substantial burdens on one or both parties, often resulting in disadvantages, difficulties, or financial hardships. It is characterized by demanding terms and conditions that may become impractical or unfair to perform due to unforeseen circumstances or events.
Common Misspellings for ONEROUS CONTRACT
- inerous contract
- knerous contract
- lnerous contract
- pnerous contract
- 0nerous contract
- 9nerous contract
- oberous contract
- omerous contract
- ojerous contract
- oherous contract
- onwrous contract
- onsrous contract
- ondrous contract
- onrrous contract
- on4rous contract
- on3rous contract
- oneeous contract
- onedous contract
- onefous contract
- onetous contract
Etymology of ONEROUS CONTRACT
The word "onerous" has its origins in Latin. It comes from the Latin word "onerosus", which means "burdensome" or "troublesome". The term "contract" has its roots in the Latin word "contractus", which means "to draw together" or "to bring together". When these two words are combined, they create the term "onerous contract", which refers to a contract that imposes heavy burdens or obligations on one or both parties involved.
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