Legal Definitions - lapse

Definition: Lapse refers to the termination of a right, interest, duty, or obligation due to the passage of time, failure of a condition, or a change in circumstance.

Examples:

• Lapse because of the passage of time: If a party fails to accept an offer within the specified time limit, the offer may lapse and become void.
• Lapse because of failure of a condition: If a contract requires a party to perform a certain action, and the party fails to do so, their right to the contract may lapse.
• Lapse because of a change in circumstance: In property law, if a will specifies a devise (a gift of property) to a person who dies before the testator (the person who made the will), the devise may lapse. However, some jurisdictions have anti-lapse statutes that prevent this from happening.

The examples illustrate how a lapse can occur due to different reasons. In the first example, the lapse occurs because of the passage of time, while in the second example, it occurs due to the failure of a condition. The third example shows how a lapse can occur due to a change in circumstance, which is common in property law.