How are the rights of the parties adjusted following frustration of their contract?

Under the provisions of the Law Reform (Frustrated Contracts) Act, 1943, when a contract is frustrated the rights of parties are adjusted as follows:
The contract is terminated
Any money paid is recoverable
Money paid ceases to be payable
If a party has suffered loss as a result of performance, the court may order the other party to pay a sum of money for the loss.
If a party has derived a benefit other than financial, the court may order such party to pay to the other a sum of money which must be less than the benefit so derived.



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