Lapse - sustany/dvg GitHub Wiki

Lapse is the termination of a right, interest, duty or obligation as a result of the passage of time, or failure of a condition, or a change in circumstance.

• Lapse because of the passage of time
  • An example of lapse because of the passage of time is that a party fails to accept an offer in time. This can lead to the complete void of the offer.
• Lapse because of failure of a condition
  • For example, if a contract requires a party to perform certain action, and the party fails to perform, this party�s right lapses.
• Lapse because of change of circumstances

This type of lapse happens very often in property law, especially in testacy law. If a specific devise is written into a will, and the devisee dies before the testator, the devise lapses. To counter this effect, many jurisdictions in the United States has �anti-lapse statute�. This means the even if the circumstances changed, for example the devisee dies before the testator, the devise will still go to this devisee upon the testator�s death. However, anti-lapse statute can be prevented by simply stating that �the anti-lapse statute does not apply� in the will.