Unforeseen Events

Extenuating Circumstances
Extenuating circumstances refer to unusual conditions that prevent a policy or project from being carried out correctly on time, often beyond the control of the individual or organization. These might include natural disasters, strikes, or unforeseen personal emergencies.
Force Majeure
Force majeure refers to unforeseen and unavoidable events that prevent or delay the fulfillment of contractual obligations.
Frustration of Contract
Frustration of Contract refers to the termination of a contract due to an unforeseen event that renders its performance impossible, illegal, or radically different from what was initially agreed.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.