diff --git a/src/main/scala/sbt/BasicProjectTypes.scala b/src/main/scala/sbt/BasicProjectTypes.scala
index add1c5c94..afbbcadaa 100644
--- a/src/main/scala/sbt/BasicProjectTypes.scala
+++ b/src/main/scala/sbt/BasicProjectTypes.scala
@@ -63,6 +63,9 @@ trait IvyTasks extends Project
 		{
 			try { action; None }
 			catch {
+				case e: ResolveException =>
+					log.error(e.toString)
+					Some(e.toString)
 				case e: Exception =>
 					log.trace(e)
 					log.error(e.toString)
@@ -562,7 +565,6 @@ trait ReflectiveProject extends ReflectiveModules with ReflectiveTasks with Refl
 /** This Project subclass is used to contain other projects as dependencies.*/
 class ParentProject(val info: ProjectInfo) extends BasicDependencyProject
 {
-	override def moduleSettings = externalSettings
 	def dependencies: Iterable[Project] = info.dependencies ++ subProjects.values.toList
 	/** The directories to which a project writes are listed here and is used
 	* to check a project and its dependencies for collisions.*/