In contracts. The dissolution of a contract is the cancellation or abrogation of it by the partiesthemselves, with the effect of annulling the binding force of the agreement, andrestoring each party to his original rights. In this sense it is frequently used In thephrase “dissolution of a partnership.” Williston v. Camp, 9 Mont 88, 22 Pac. 501.Of corporations. The dissolution of a corporation is the termination of its existence as a body politic. This may take place in several ways; as by act of the legislature,where that is constitutional; by surrender or forfeiture of its charter; by expiration of itscharter by lapse of time; by proceedings for winding it up under the law; by loss of allits members or their reduction below the statutory limit. Matthews v. Rank, GO S. 0.1S3, 3S S. E. 437; Lyons-Tliomas Hardware Co. v. Perry Stove Mfg. Co., 80 Tex. 14::,24 S. W. 10, 22 L. It. A. 802; Theis v. Gaslight Co., 34 Wash. 23, 74 Pac. 1004.In practice. The act of rendering a legal proceeding null, abrogating or revoking it;unloosing its constraining force; as when an injunction is dissolved by the court. Jonesv. Hill, 6 N. C. 131.
What is DISSOLUTION?
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