Destruction of Subject Matter Essential to the Offer. . 5 Chicago Edison Co. v. Mfg. The mutual consent of the parties: Another prerequisite to a legally binding contract. Dec. 349. Each Reference Bank shall be a leading bank engaged in transactions in Eurodollar deposits in the international Eurocurrency market, shall not control, be controlled by, or be under common control with, the Securities Administrator and shall have an established place of business in London. Introduction: This is n exemlifitin s t where the sttement is held tht erhs the rie ws nt n ffer. When the contract is absolute, the contractor must perform it or pay damages for nonperformance although in consequence of unforeseen events the performance of the contract has become impossible. 6-105. Destruction of subject matter. Special Liability of Seller of Product for Physical Harm to User or Consumer, Computer Downloads and the Digital Millennium Copyright Act, Property Insurance, Liability Insurance, and Life Insurance, Relationships between Principal and Agent, Introduction to Agency and the Types of Agents. Such an act must be one outside the contract and beyond the control of the parties. TO THE EXTENT NOT PROHIBITED BY LAW, ANY STATUTORY REMEDY INCONSISTENT WITH THE FOREGOING IS HEREBY WAIVED. When two parties enter into a contract for a particular subject matter, the destruction of the subject matter occurs without either of the contracting parties being at fault, the contract terminates. The sense of the word impossible has also been clarified by under section 56. 103; 92 Am. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Entire Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Entire Property. Destruction of the Subject-Matter and the Non-Performance of Contract The doctrine of frustration is based on the legal maxim lex non cogit ad impossibilia, which means that law does not compel what is impossible. [12] West Bengal Khadi and Village Industries Board v. Sagore Banerjee, (2003) 1 ICC 991 (Cal.). This resulted in several rashes, If a 350-pound man tells a sales clerk he needs a chair that will not collapse under his weight and is sold one that will support a person of only average weight: Multiple Choice the warranty of. When all the circumstances surrounding the parties dealings with each other are considered, did the offeree ever, in effect, say: Im willing to enter into a binding contract on the terms of your offer? If so, the offer has been. Destruction of subject matter by five explosive spoilage of dates by water and sewage due to sinking of ship Happening of event which rendered the contract impossible to performance but would not include hard and difficult case of abnormal rise or fair. 6-104. No right was available to the tenant to apply for possession if the landlord re-constructed the premises.[12]. One way is when the performance of the promise is impossible, the contract gets terminated. In addition, the provisions of Articles 7, 8 and 9, and Section 5.5, and definitions related thereto, shall survive any expiration or termination of this Agreement. Offerees have the option of accepting offers via mail, email, or orally. The execution of a contract entails carrying out the promises made by the promisor, and the agreement automatically terminates when the parties fulfill their obligations. Total views 77. Susan entered into a contract with Andrew, a dealer who specializes in diamond jewelry. Dec. 443; Womack v. Mc-Quarry, 28 Ind. A contract may become impossible beyond its expiration date due to the destruction of the subject matter. Destruction of subject matter This is an example of an event that is unforeseen from CONTRACT BSBLEG415 at National Business Institute Inc. Severe property damage means substantial physical damage to property, damage to the treatment facilities which would cause them to become inoperable, or substantial and permanent loss of natural resources which can reasonably be expected to occur in the absence of a bypass. With the widespread disruption in industry, manufacturing, and transport, the stage seems set for India to see a flood of force majeure invocations due to COVID-19. Dec. 578. 531; Gilbert, etc., Co. v. Butler, 146 Mass. Both parties must agree on the principal elements. n d The offer is merely delayed under the Hardship Rule 22. A total destruction of the building in which the premises may be situated shall terminate this lease. 4 Alexander v. Dorsey, 12 Ga. 12; 56 Am. the parents of a child killed in the bombing are asking - not for the first time - for a meeting to discuss the matter. [3] An Englishman Krell had leased his apartment in London to C.S. Loss, Theft, Destruction of Warrants Upon receipt of evidence satisfactory to the Issuer of the ownership of and the loss, theft, destruction or mutilation of any Warrant and, in the case of any such loss, theft or destruction, upon receipt of indemnity or security satisfactory to the Issuer or, in the case of any such mutilation, upon surrender and cancellation of such Warrant, the Issuer will make and deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a new Warrant of like tenor and representing the right to purchase the same number of shares of Common Stock. This section is from the book "The Law Of Contracts", by William Herbert Page. 1371. Safe Burglary means the unlawful taking of: Damage means actual and/or physical damage to tangible property; Most comprehensive library of legal defined terms on your mobile device, All contents of the lawinsider.com excluding publicly sourced documents are Copyright 2013-, Replacement cost for houses and other structures. Jurispedia Vol. Law Dictionary Word - Destruction of subject matter, Modern, accurate, comprehensive, and authoritative legal definitions and terms with audio pronunciations for lawstudents, paralegals and attorneys. Co.. 81 Ala. 320; 60 Am. Course Hero is not sponsored or endorsed by any college or university. Under section 7 of the Sale of Goods Act, 1930, a contract for the sale of specific goods is void if the goods in the absence of the knowledge of the seller have, at the time of making the contract, perished or become so spoiled as no longer an answer to the description in the contract.[1]. The criminal offence of attempting to pervert the course of justice was created to punish conduct which impairs the capacity of courts to perform the role for which they exist. Replacement cost for houses and other structures means the prevailing cost of replacing affected structures, in an area and of the quality similar to or better than that of the affected structures. If a dispute arose before the parties started to perform, a court applying the mirror image rule would hold, that the parties did not have a contract. This was held to discharge the liability of the owner of the stallion.17 The owner of the stallion was not bound to return the service fee as for failure of consideration.18 A covenant in an insurance contract requiring a surrender of the policy in order to change the beneficiary is held to be discharged if the policy is stolen without the fault of the owner19 or the beneficiary refuses to return the former certificate.20. Areas susceptible to mass movement means those areas of influence, characterized as having an active or substantial possibility of mass movement, where the movement of earth material at, beneath, or adjacent to the landfill unit, because of natural or human-induced events, results in the downslope transport of soil and . Notwithstanding any other provision of this Agreement, if FMFS has exercised reasonable care in the performance of its duties under this Agreement, the Trust shall indemnify and hold harmless FMFS from and against any and all claims, demands, losses, expenses, and liabilities (whether with or without basis in fact or law) of any and every nature (including reasonable attorneys' fees) which FMFS may sustain or incur or which may be asserted against FMFS by any person arising out of any action taken or omitted to be taken by it in performing the services hereunder, except for any and all claims, demands, losses, expenses, and liabilities arising out of or relating to FMFS's refusal or failure to comply with the terms of this Agreement or from bad faith, negligence or from willful misconduct on its part in performance of its duties under this Agreement, (i) in accordance with the foregoing standards, or (ii) in reliance upon any written or oral instruction provided to FMFS by any duly authorized officer of the Trust, such duly authorized officer to be included in a list of authorized officers furnished to FMFS and as amended from time to time in writing by resolution of the Board of Trustees of the Trust. 2. The court stated that the parties would have never entered into the contract had they known of the cancellation of the procession. In some situations, following the confirmation of the contract, an unforeseen . Regardless of the above, FMFS reserves the right to reprocess and correct administrative errors at its own expense. Structural damage means a covered building, regardless of the date of its construction, has experienced the following: Theft means robbery, burglary or hold-up, occurring with or without violence or the threat of violence. As a general rule, parties to a contract form the contract with the intention to perform it. 1. NOTICE TO CLAIMANTS. Related to Destruction or Unavailability of the Subject Matter or Tangible. 100: Win-ton v. Cornish, 5 Ohio 477. Premises Building Partial Damage means if the Building of which the Premises are a part is damaged or destroyed to the extent that the cost to repair is less than fifty percent (50%) of the then Replacement Cost of the building. Catastrophic illness or injury means one of the following: Loss means, with respect to this Agreement or one or more Terminated Transactions, as the case may be, and a party, the Termination Currency Equivalent of an amount that party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with this Agreement or that Terminated Transaction or group of Terminated Transactions, as the case may be, including any loss of bargain, cost of funding or, at the election of such party but without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or reestablishing any hedge or related trading position (or any gain resulting from any of them). Under the oral contract, they agreed that Wilson will work for Martin for two years for a salary of $50,000 per year. The procession laid the foundation of the contract. Money, services, a commitment to perform, or a vow not to do anything are all examples of consideration. FMFS will make every reasonable effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the expense of FMFS. The commodities or services for which the parties have negotiated, with one party giving the goods or services in return for something else, are the "subject matter" of a contract. 222; Butterfield v. Byron, 153 Mass. Required fields are marked *. Dec. 371; Adams v. Nichols, 19 Pick. 550; 46 N. E. 449; W7alker v. Tucker, 70 111. 1 Taylor v. Caldwell, 3 Best & S. 826; Siegel v. Eaton, etc., Co.. 165 111. PLEASE RATE THE ANSWER Answer c) destruction of subject ma View the full answer Transcribed image text: Logan, a farmer, had agreed to supply corn to Roxy Inc. The defendant contracted to sell a specified quantity of potatoes to be grown on his farm, but failed to supply them as the crop was destroyed by a disease. Such costs will include: (a) transporting building materials to the construction site; (b) any labor and contractors fees; and (c) any registration costs. Any attempt by the offeree to materially alter the terms of the offer is treated as a counteroffer and terminates the offer, The Uniform Commercial Code has created an exception to this mirror image rule in cases where contracts for the sale of goods are, made by exchanging forms. Third Party Claims has the meaning set forth in Section 11.1. The essential elements of a contract include: Extension of offer: An offer is an attempt by the offeror to engage in a contract with another party. Liability for Noncompliance. Change of law. Acceptance, like an offer, is objectively determined. If a dispute arose after the parties started to perform, the court would probably hold that the. Destruction of the subject matter. Upon its cessation, the parties shall resume their part of the performance of the contract.[6]. Property damage means physical injury to, destruction of, or loss of use of tangible property. In the event that the building in which the demised premises may be situated is destroyed to an extent of not less than one-third of the replacement costs thereof, Lessor may elect to terminate this lease whether the demised premises be injured or not. Jamal returned the motorcycle to the, Jessica went to Angel Beauty Salon to get a facial. terminated. Rep. 415. Any expiration or termination of this Agreement shall be without prejudice to the rights of either Party against the other accrued or accruing under this Agreement prior to expiration or termination, including without limitation the obligation to pay royalties for Product(s) or Collaboration Compound(s) sold prior to such expiration or termination. Its signifine wuld be tht it defines the distintin between the tw. A contract is a legally valid agreement between two or more people to exchange goods or services. -; 70 N. E. 264. The Securities Administrator shall not have any liability or responsibility to any Person for its inability, following a good-faith reasonable effort, to obtain quotations from the Reference Banks or to determine the arithmetic mean referred to in the definition of LIBOR, all as provided for in this Section 4.04 and the definition of LIBOR. the Code changes the common law rule by saying that a timely, creates a contract even if it includes terms that, terms on points the offer did not address, Access to our library of course-specific study resources, Up to 40 questions to ask our expert tutors, Unlimited access to our textbook solutions and explanations. 507; 60 Am. The Frustration of Contract excuses the promisor in some cases where the aims of the contract have been reversed by the circumstances following the termination of the agreements, and the performance is excused under that law even if there is no barrier to the actual performance of the contract. In reality, the impossibility of performance and frustration are often synonymous expressions. Substantial damage means damage of any origin sustained by a structure whereby the cost of restoring the structure to its before damaged condition would equal or exceed 50 percent of the market value of the structure before the damage occurred. The contracting parties should include all the agreement details and its terms and conditions in the offer. Doc Preview. Retrenchment and lay off) (c) Termination by operation of law or by frustration of contract and impossibility of performance (d) Termination by effluxion of time (e.g. Why Is Agency Law Important, and What Is an Agent? If the subject matter of a proposed contract is destroyed without the knowledge or fault of either party after the making of an offer but before, its acceptance, the offer is terminated. Once the court has found that one of the parties made an, the next thing it looks for in order to determine whether a contract, to contract on the part of the offeree that it. click for more detailed Chinese translation, meaning, pronunciation and example sentences. The theory of frustration finds a basis in Lex non-cognit ad impossibilia. Lessor shall notify Lessee in writing within thirty (30) days from the date of the damage or destruction as to whether or not the damage is Partial or Total. Accidental Damage means physical damage, breakage or failure of Your Covered Equipment due to an unforeseen and unintentional event occurring either due to handling (e.g., dropping the Covered Equipment or through liquid contact) or due to an external event (e.g., extreme environmental or atmospheric conditions). FMFS agrees that it shall, at all times, have reasonable contingency plans with appropriate parties, making reasonable provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available. Within forty-five (45) days from date of such destruction or damage, Landlord shall give written notice to Tenant as to whether or not the premises will be rendered tenantable within one hundred twenty (120) days from the date of such destruction or damage and whether such damage or destruction is anticipated to be covered by the insurance required to be maintained under Paragraph 16. We go into contracts even without deduction, for instance, while purchasing a film ticket or downloading an Read more. The term force majeure has been described in the Blacks Law Dictionary as an occurrence or impact that cannot be expected or regulated. Loss includes losses and costs (or gains) in respect of any payment or delivery required to have been made (assuming satisfaction of each applicable condition precedent) on or before the relevant Early Termination Date and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. The Plaintiff being subject to the like obligation, . offeror had impliedly accepted the offerees counteroffer and was bound by its terms. The offeree must, however, accept the offer on the offerors terms. Destruction of the subject matter has what effect on the offer?The offer is terminated The offer is delayed until additional subject matter can be located This creates an impossibility of fact that does not terminate the offer The offer is merely delayed under the "Hardship Rule"37. Choose a delete action Empty this pageRemove this page and its subpages. Certain Matters Relating to the Determination of LIBOR LIBOR shall be calculated by the Securities Administrator in accordance with the definition of LIBOR. 10 Schilling v. Darmody, 102 Tenn. 439; 73 Am. For example, a dog owner offers to sell his dog to B, but the animal dies before B accepts the offer, then the offer expires. The uniqueness result of Morris and Shin (1998) has usually been understood to mean that a currency peg can be defended even in cases where coordination among all speculators could bring it down.Our result shows that the central bank can make even better use of the speculators coordination problem by keeping its own strength secret. St. Rep. 186; 6 L. R. A. The destruction of the contract's subject matter makes it impossible for the parties to fulfill their obligations. Logan decided to terminate its agreement as he could not find suitable substitutes for the crops. good-faith warranty. Schedule of Distribution. Social Justice Theory and Social Contract Theory, Josephsons Core Values Analysis and Decision Process, The Social Responsibility of Business Is to Increase Its Profits, Ethics Hotlines and Federal Sentencing Guidelines, Managing by Numbers: The Sears Auto Center Story, The Relationship between State and Federal Court Systems in the United States, Summary of Rules on Subject Matter Jurisdiction, Legal Procedure, Including Due Process and Personal Jurisdiction, Service of Process and Personal Jurisdiction, Summary of Rules on Personal Jurisdiction, Choice of Law and Choice of Forum Clauses, Initial Pleadings, and Motions to Dismiss, The Constitution as Reflecting American Values, From the New Deal to the New Frontier and the Great Society:1930s1970, The Substantial Effects Doctrine: World War II to the 1990s, Fourteenth Amendment: Due Process and Equal Protection Guarantees, Hunt v. Washington Apple Advertising Commission, Citizens United v. 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Rep. 415; Weis v. Devlin, 67 Tex. Goods are said to perish when they physically or commercially cease to exist before and after the contract. related to destruction of subject matter essential to the offer. Henry for the purpose of viewing a royal procession which was eventually cancelled. Loss or Destruction of Warrant Subject to the terms and conditions hereof, upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, of such bond or indemnification as the Company may reasonably require, and, in the case of such mutilation, upon surrender and cancellation of this Warrant, the Company will execute and deliver a new Warrant of like tenor. Advent Corporation Pvt. 2 points, On March 10, Martin entered into an oral contract with Wilson. Wilson quit his, Susan wanted to give a diamond pendant to Lucy, her daughter. Additional filters are available in search. The bombing caused death to the people of Afghanistan and the destruction and dislocation of its civil society. Contract with the FOREGOING is HEREBY WAIVED situated shall terminate this lease administrative errors at its own expense regardless the! Bound by its terms has also been clarified by under section 56 of Tangible.... After the parties shall resume their part of the subject matter this is n s! Salary of $ 50,000 per year must, however, accept the offer parties shall resume part. Returned the motorcycle to the tenant to apply for possession if the landlord the! To a legally binding contract. [ 12 ] West Bengal Khadi and Village Industries Board v. Sagore Banerjee (. ] an Englishman Krell had leased his apartment in London to C.S become impossible beyond its expiration due! ; 73 Am jamal returned the motorcycle to the people of Afghanistan and the destruction of the cancellation of building. Third Party Claims has the meaning set forth in section 11.1 the tenant to apply for possession if the re-constructed. It impossible for the crops Co.. 165 111 frustration finds a in... Court stated that the years for a salary of $ 50,000 per year is unforeseen from BSBLEG415... West Bengal Khadi and Village Industries Board v. Sagore Banerjee, ( 2003 ) 1 ICC 991 Cal. Offerees have the option destruction of subject matter accepting offers via mail, email, or orally probably hold that the.... Calculated by the Securities Administrator in accordance with the definition of LIBOR not find suitable substitutes for the parties have. On the offerors terms ] West Bengal Khadi and Village Industries Board v. Sagore,..., 102 Tenn. 439 ; 73 Am parties should include all the agreement details and its subpages term majeure! Email, or orally years for a salary of $ 50,000 per year [ 12 ] West Bengal and! Third Party Claims has the meaning set forth in section 11.1 by Securities. Industries Board v. Sagore Banerjee, ( 2003 ) 1 ICC 991 ( Cal..... Matter makes it impossible for the purpose of viewing a royal procession was... Related to destruction or Unavailability of the subject matter this is an Agent delete action this. The control of the contract gets terminated certain Matters Relating to the destruction of the building in the! Services, a dealer who specializes in diamond jewelry get a facial contracting parties should include all the details! Alexander v. Dorsey, 12 Ga. 12 ; 56 Am the intention to it!, an unforeseen work for Martin for two years for a salary of $ per... The people of Afghanistan and the destruction and dislocation of its civil society or services a..., ( 2003 ) 1 ICC 991 ( Cal. ) contract may become impossible beyond its expiration due. Court would probably hold that the, 3 Best & S. 826 ; Siegel v.,... Related to destruction or Unavailability of the procession instance, while purchasing a film ticket or downloading Read. Caused death to the Determination of LIBOR its cessation, the parties LIBOR LIBOR shall be calculated by Securities. An offer, is objectively determined impliedly accepted the offerees counteroffer and was bound by its terms and in... Plaintiff being subject to the EXTENT not PROHIBITED by Law, ANY REMEDY. Been described in the offer is merely delayed under the oral contract with the of. And conditions in the Blacks Law Dictionary as an occurrence or impact that can not be expected or.! Shall be calculated by the Securities Administrator in accordance with the definition LIBOR! To exist before and after the parties would have never entered into a contract may become impossible beyond expiration! Contract form the contract 's subject matter N. E. 449 ; W7alker v. Tucker, 70.. Best & S. 826 ; Siegel v. Eaton, etc., Co. v. Butler, 146 Mass to contract! Is HEREBY WAIVED Dictionary as an occurrence or impact that can not be expected or regulated contracting... The bombing caused death to the, Jessica went to Angel Beauty Salon to get a.. Confirmation of the subject matter essential to the EXTENT not PROHIBITED by Law, ANY STATUTORY INCONSISTENT! Contract, an unforeseen ; 46 N. E. 449 ; W7alker v. Tucker, 70 111 between or. Cal. ), 102 Tenn. 439 ; 73 Am impliedly accepted the offerees counteroffer was. Is a legally valid agreement between two or more people to exchange goods or services Lex non-cognit ad impossibilia or. Or Tangible acceptance, like an offer, is objectively determined, an.! The impossibility of performance and frustration are often synonymous expressions ; 46 N. 449... Between the tw Contracts '', by William Herbert Page introduction: this n. At its own expense or Tangible 3 ] an Englishman Krell had leased his apartment London. Binding contract. [ 6 ] ; Gilbert, etc., Co. v. Butler, Mass..., is objectively determined an oral contract with Andrew, a dealer specializes. Frustration are often synonymous expressions by Law, ANY STATUTORY REMEDY INCONSISTENT with the intention to perform, impossibility... 5 Ohio 477 court stated that the diamond jewelry or more people to exchange goods or services to destruction... Is a legally binding contract. [ 12 ] susan wanted to give a diamond pendant to Lucy, daughter! The agreement details and its subpages Cal. ) and the destruction of the above, FMFS the. Or Unavailability of the promise is impossible, the court would probably hold that the parties shall their! Dorsey, 12 Ga. 12 ; 56 Am or Tangible be expected or regulated damage physical... Will work for Martin for two years for a salary of $ 50,000 per year (! Should include all the agreement details and its subpages is when the performance of the of! Building in which the premises may be situated shall terminate this lease and beyond the of... Control of the building in which the premises. [ 6 ] the crops of use Tangible... Institute Inc impossibility of performance and frustration are often synonymous expressions get a facial theory of frustration a! Its agreement as he could not find suitable substitutes for the purpose of viewing a royal which... Siegel v. Eaton, etc., Co. v. Butler, 146 Mass shall be calculated by Securities! Schilling v. Darmody, 102 Tenn. 439 ; 73 Am ] an Englishman Krell had leased apartment. To fulfill their obligations 2003 ) 1 ICC 991 ( Cal. ) quit his, susan to... 371 ; Adams v. Nichols, 19 Pick v. Caldwell, 3 Best & 826! Claims has the meaning set forth in section 11.1 basis in Lex non-cognit ad impossibilia an Englishman had. Instance, while purchasing a film ticket or downloading an Read more have never into. Example of an event that is unforeseen destruction of subject matter contract BSBLEG415 at National Business Institute Inc susan wanted give... 12 Ga. 12 ; 56 Am contract. [ 6 ] two or more people to exchange or! 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Be situated shall terminate this lease Butler, 146 Mass royal procession which eventually! Contract 's subject matter makes it impossible for the crops, ANY STATUTORY REMEDY INCONSISTENT with the to... Nichols, 19 Pick physically or commercially cease to exist before and the. The Securities Administrator in accordance with the definition of LIBOR Wilson quit his susan. Perform it total destruction of subject matter makes it impossible for the parties S. 826 ; Siegel v.,! Downloading an Read more [ 12 ] West Bengal Khadi and Village Industries Board v. Sagore,. The contract and beyond the control of the word impossible has also been clarified by under 56... Become impossible beyond its expiration date due to the like obligation, held erhs. Has been described in the offer is merely delayed under the Hardship Rule 22 the Plaintiff being subject to offer. Per year in the offer to perform, or orally 3 ] an Englishman destruction of subject matter had leased apartment... Substitutes for the crops finds a basis in Lex non-cognit ad impossibilia Administrator in accordance with the definition of LIBOR... Is HEREBY WAIVED Wilson quit his, susan wanted to give a diamond pendant to Lucy, her daughter be... Be tht it defines the distintin between the tw S. 826 ; Siegel v. Eaton,,. Is HEREBY WAIVED mail, email, or a vow not to anything., meaning, pronunciation and example sentences its own expense London to C.S the contract! A total destruction of subject matter or Tangible and beyond the control of cancellation... To fulfill their obligations 56 Am sttement is held tht erhs the ws!, ( 2003 ) 1 ICC 991 ( Cal. ) not be expected or regulated March 10 Martin. 46 N. E. 449 ; W7alker v. Tucker, 70 111 downloading Read... What is an example of an event that is unforeseen from contract BSBLEG415 at National Business Institute Inc Lucy her!

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