Economic Hardship
/ˌiːkəˈnɒmɪk ˈhɑːrdʃɪp/
Definitions
- (n.) A condition of financial distress preventing an individual or entity from meeting basic living expenses or contractual obligations.
The tenant claimed economic hardship as a reason for delayed rent payments.
- (n.) A factor considered by courts when deciding temporary relief or adjustments in legal obligations due to inability to pay.
Economic hardship was cited to justify postponing loan repayments during litigation.
Forms
- economic hardship
Related terms
See also
Commentary
Economic hardship often serves as a basis for invoking hardship clauses or seeking judicial relief; clear drafting should specify conditions qualifying as hardship.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.