Louisiana Civil Code 2017 – Express dissolution clause
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Terms Used In Louisiana Civil Code 2017
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
The parties may expressly agree that the contract shall be dissolved for the failure to perform a particular obligation. In that case, the contract is deemed dissolved at the time it provides for or, in the absence of such a provision, at the time the obligee gives notice to the obligor that he avails himself of the dissolution clause.
Acts 1984, No. 331, §1, eff. Jan. 1, 1985.