impairment of obligation of contract
- impairment of obligation of contract
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Within the meaning of the constitutional provision, known as the contract clause appearing in Article 1, Section 10, of the United States Constitution: the effect of a statute enacted subsequently to the making of a contract which annuls it or changes its terms by adding or releasing material conditions, provisions,
or stipulations or which changes the remedy for a breach, so that the new remedy is not substantially the equivalent of the old one, thereby lessening the value of the agreement. 16 Am J2d Const L §§ 444 et seq.
In determining whether state legislation unconstitutionally impairs contract obligations, no unchanging yardstick can be fashioned, applicable at all times and under all circumstances, by which the validity of every statute may be measured; each case must be determined upon its own circumstances. Re People (Title and Mortgage Guaranty Co.) 264 NY 69, 190 NE 153, 96 ALR 297.
Ballentine's law dictionary.
Anderson, W.S..
1998.
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