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Force Majeure
In contract law, force majeure ( ; ) is a common clause in contracts which essentially frees both parties from liability or obligation when an extraordinary event or circumstance beyond the control of the parties, such as a war, strike, riot, crime, epidemic, or sudden legal change prevents one or both parties from fulfilling their obligations under the contract. Force majeure often includes events described as an act of God, though such events remain legally distinct from the clause itself. In practice, most force majeure clauses do not entirely excuse a party's non-performance but suspend it for the duration of the force majeure.Supreme Court (of India) 1285 it was held that "An analysis of ruling on the subject shows that reference to the expression is made where the intention is to save the defaulting party from the consequences of anything over which he had no control." Even if a force majeure clause covers the relevant supervening event, the party unable to perform will ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Act Of God
In legal usage in the English-speaking world, an act of God, act of nature, or damnum fatale ("loss arising from inevitable accident") is an event caused by no direct human action (e.g. Severe weather, severe or extreme weather and other natural disasters) for which individual persons are not responsible and cannot be held legal liability, legally liable for loss of life, injury, or property damage. An act of God may amount to an exception to liability in contracts (as under the Hague–Visby Rules), or it may be an "insured peril" in an insurance policy. In Scots law, the equivalent term is ''damnum fatale'', while most Common law proper legal systems use the term ''act of God''. It is legally distinct from—though often related to—a common clause found in Contract, contract law known as ''force majeure''. In light of the scientific consensus on climate change, its modern applicability has been questioned by legal scholars. Contract law In the law of contracts, an act of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Law
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more Party (law), parties. A contract typically involves consent to transfer of goods, Service (economics), services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek legal remedy, judicial remedies such as damages or equitable remedies such as specific performance or Rescission (contract law), rescission. A binding agreement between actors in international law is known as a treaty. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that pacta sunt servanda, agreements must be honoured. Like other areas of private law, contract law varies between jurisdictions. In general, contract law is exercised and governed either under common law jur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Repudiatory Breach
Fundamental breach of contract, is a controversial concept within the common law of contract. The doctrine was, in particular, nurtured by Lord Denning, Master of the Rolls from 1962 to 1982, but it did not find favour with the House of Lords. Whereas breach of condition is a serious breach that "denies the plaintiff the main benefit of the contract", fundamental breach was supposed to be even worse, with the result that any exclusion clause limiting the defendant's liability would automatically become void and ineffective. Also, whereas breach of condition gives the plaintiff the option to repudiate, fundamental breach automatically discharges the entire contract. Although the concept caused some excitement in the 1950s and 1960s, the concept was regarded as flawed by the Law Lords, whose decision in the '' Suisse Atlantique'' case substantially curtailed the doctrine, which has now been effectively abandoned in England and Canada. The relevant concept in English Law, where a fu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Philippines
The Philippines, officially the Republic of the Philippines, is an Archipelagic state, archipelagic country in Southeast Asia. Located in the western Pacific Ocean, it consists of List of islands of the Philippines, 7,641 islands, with a total area of roughly 300,000 square kilometers, which are broadly categorized in Island groups of the Philippines, three main geographical divisions from north to south: Luzon, Visayas, and Mindanao. With a population of over 110 million, it is the world's List of countries and dependencies by population, twelfth-most-populous country. The Philippines is bounded by the South China Sea to the west, the Philippine Sea to the east, and the Celebes Sea to the south. It shares maritime borders with Taiwan to the north, Japan to the northeast, Palau to the east and southeast, Indonesia to the south, Malaysia to the southwest, Vietnam to the west, and China to the northwest. It has Ethnic groups in the Philippines, diverse ethnicities and Culture o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jose W
Jose is the English transliteration of the Hebrew and Aramaic name ''Yose'', which is etymologically linked to ''Yosef'' or Joseph. Given name Mishnaic and Talmudic periods * Jose ben Abin * Jose ben Akabya *Jose the Galilean * Jose ben Halafta * Jose ben Jochanan * Jose ben Joezer of Zeredah * Jose ben Saul Male * Jose (actor), Indian actor * Jose Balagtas, Filipino film director *Jose Baxter (born 1992), English footballer *Jose Davis (born 1978), American football player * Jose Glover (died 1638), English minister and pioneer of the printing press in the New World * Jose Kattukkaran (born 1950), Indian politician *Jose Kurushinkal, Indian cricket umpire *Jose Kusugak (1950–2011), Inuk politician *Jose Lambert (born 1941), Belgian professor * Jose K. Mani (born 1965), Indian politician *Jose Mugrabi (born 1939), Israeli businessman *Jose Nandhikkara (born 1964), Indian author *Jose Pellissery (1950–2004), Indian film actor *Jose Chacko Periappuram (born 1958), Indian surg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Council Of State (France)
A council of state is a governmental body in a country, or a subdivision of a country, with a function that varies by jurisdiction. It may be the formal name for the cabinet or it may refer to a non-executive advisory body associated with a head of state. In some countries it functions as a supreme administrative court and is sometimes regarded as the equivalent of a privy council. Modern * Belgian Council of State is a judicial and advisory body that assists the executive with obligatory legal advice on each draft law and is the supreme court for administrative justice * Chinese State Council is the country's highest executive body * Colombian Council of State * Cuban Council of State * Danish Council of State is similar to a privy council with a largely ceremonial role * Dutch Council of State is an advisory body that consists of one or two members of the royal family and other members appointed by the Crown * Egyptian Council of State * Finnish Government is literal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
French Law
French law has a dual jurisdictional system comprising private law (), also known as judicial law, and public law (). Judicial law includes, in particular: * () * Criminal law () Public law includes, in particular: * Administrative law () * () Together, in practical terms, these four areas of law (civil, criminal, administrative and constitutional) constitute the major part of French law. The announcement in November 2005 by the European Commission that, on the basis of powers recognised in a recent European Court of Justice ("ECJ") ruling, it intends to create a dozen or so European Union ("EU") criminal offences suggests that one should also now consider EU law (" droit communautaire", sometimes referred to, less accurately, as " droit européen") as a new and distinct area of law in France (akin to the "federal laws" that apply across States of the US, on top of their own State law), and not simply a group of rules which influence the content of France's civil, crim ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interest Rate
An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over which it is lent, deposited, or borrowed. The annual interest rate is the rate over a period of one year. Other interest rates apply over different periods, such as a month or a day, but they are usually annualized. The interest rate has been characterized as "an index of the preference . . . for a dollar of present ncomeover a dollar of future income". The borrower wants, or needs, to have money sooner, and is willing to pay a fee—the interest rate—for that privilege. Influencing factors Interest rates vary according to: * the government's directives to the central bank to accomplish the government's goals * the currency of the principal sum lent or borrowed * the term to m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inflation
In economics, inflation is an increase in the average price of goods and services in terms of money. This increase is measured using a price index, typically a consumer price index (CPI). When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of CPI inflation is deflation, a decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index. Changes in inflation are widely attributed to fluctuations in Real versus nominal value (economics), real demand for goods and services (also known as demand shocks, including changes in fiscal policy, fiscal or monetary policy), changes in available supplies such as during energy crisis, energy crises (also known as supply shocks), or changes in inflation expectations, which may be self-fulfilling. Moderat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2021–2023 Inflation Surge
Following the COVID-19 pandemic in 2020, a worldwide surge in inflation began in mid-2021 and lasted until mid-2022. Many countries saw their highest inflation rates in decades. It has been attributed to various causes, including pandemic-related Economic impact of the COVID-19 pandemic, economic dislocation, 2021–2023 global supply chain crisis, supply chain disruptions, the fiscal policy, fiscal and monetary stimulus (economics), stimulus provided List of COVID-19 pandemic legislation, in 2020 and 2021 by governments and central banks around the world in response to the pandemic, and price gouging. Preexisting factors that may have contributed to the surge included housing shortages, climate impacts, and Government budget balance, government budget deficits have also been cited as factors. Recovery in demand from the COVID-19 recession had, by 2021, revealed significant 2021–2022 global supply chain crisis, supply shortages across many business and consumer economic sectors. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
