FORCE MAJEURE and Managing contractual Risks

Different legal systems have developed various theories to deal with the need of contracting parties to excuse themselves from contractual obligations should events beyond the parties control inhibit the said parties from fulfilling the said obligations

Force majeure is an example of such a clause in a contract
The clause is based on the idea that “nobody is held to the impossible” (ad impossibilia nemo tenetur) which gives us the principle of possibility is the limit of expectations.

Force majeure is an event that is unforeseeable, unavoidable and external that makes execution impossible.

When defining the term, general definition often includes “risks beyond the reasonable control of a party, incurred not as a product or result of the negligence of the afflicted party, which have a materially adverse effect on the ability of such party to perform it obligations”

Force majeure may certainly be due to a natural disaster for instance an earthquake, but also to situations having their root to human cause such as war, a revolution, mob violence etc

The clause aims to free both parties from their contractual obligations if events beyond the parties’ control, basically act of God, make it impossible for the parties to fulfill the said contractual obligations.

CONTRACT LAW LESSONS: https://www.udemy.com/contractlaw/

………………………………………………………..
GET VIDEO LESSONS EMAILED TO YOU: http://eepurl.com/dCGWof

………………………………………………………..
MY COURSES

SALE OF GOODS CONTRACTS AND AGREEMENT TO SELL:
https://www.udemy.com/sales-of-goods-...

INCOTERMS:
https://www.udemy.com/incotermstransp...

NEGOTIATING AND CONTRACTING:
https://www.udemy.com/negotiatingandc...

CONTRACT LAW (Business Obligations):
https://www.udemy.com/contractlaw/

PRODUCT LIABILITY:
https://www.udemy.com/productliabilit...

SKILLSHARE: https://www.skillshare.com/r/profile/...

………………………………………………………..
WEBSITE
http://www.zeritenetwork.com

………………………………………………………..
SUPPORT THE CHANNEL
PATREON:   / zeritenetwork  
………………………………………………………..
CONNECT WITH ME IN SOCIAL MEDIA
Facebook:   / zeritenetwork  
Linkedin:   / mosesmanuel  

………………………………………………………..
Thank you for watching this video—Please Share it and tell me what you think in the comment section and one more thing…

Subscribe to My Channel:    / zeritenetwork