(1) Subject to
subsection (2), this Act applies to a frustrated contract—
(a)
irrespective of whether there is, in consequence of the frustration, a total
failure of consideration under the contract; but
(b)
subject to any provision made in the contract itself as to the consequences of
frustration.
(2) This Act does not
apply to—
(a) a
contract made before the commencement of this Act; or
(b) a
charter-party (not being a time charter-party or a charter-party by way of
demise); or
(c) a
contract (other than a charter-party) for the carriage of goods by sea; or
(d) a
contract of insurance; or
(e) a
contract under which an association is constituted or rules governing the
administration of, or rights of membership in, an association are laid down;
or
(f) a
partnership agreement.
(3) This Act binds the
Crown.