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External Risk
External risks are generally something that is uncontrollable by the first party. In contract law In contract law, are risks that are produced by a non-human source and are beyond human control. They are unexpected but happen regularly enough in a general population to be broadly predictable, and may be the subject of casualty insurance. Good examples of external risks are natural disasters such as earthquakes An earthquake (also known as a quake, tremor or temblor) is the shaking of the surface of the Earth resulting from a sudden release of energy in the Earth's lithosphere that creates seismic waves. Earthquakes can range in intensity, fro ... and volcanoes. Insurance adjusters analyze external risks on a normal basis. Measuring risks of the environment is common practice throughout insurance claims. As far as claims go, most external risks, or an "Act of God", are protected by property insurance. In project management In project management; Risks that are external ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Law
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hurricanes
A tropical cyclone is a rapidly rotating storm system characterized by a low-pressure center, a closed low-level atmospheric circulation, strong winds, and a spiral arrangement of thunderstorms that produce heavy rain and squalls. Depending on its location and strength, a tropical cyclone is referred to by different names, including hurricane (), typhoon (), tropical storm, cyclonic storm, tropical depression, or simply cyclone. A hurricane is a strong tropical cyclone that occurs in the Atlantic Ocean or northeastern Pacific Ocean, and a typhoon occurs in the northwestern Pacific Ocean. In the Indian Ocean, South Pacific, or (rarely) South Atlantic, comparable storms are referred to simply as "tropical cyclones", and such storms in the Indian Ocean can also be called "severe cyclonic storms". "Tropical" refers to the geographical origin of these systems, which form almost exclusively over tropical seas. "Cyclone" refers to their winds moving in a circle, whirling round ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Impossibility
In contract law, impossibility is an excuse for the nonperformance of duties under a contract, based on a change in circumstances (or the discovery of preexisting circumstances), the nonoccurrence of which was an underlying assumption of the contract, that makes performance of the contract literally impossible. For example, if Ebenezer contracts to pay Erasmus £100 to paint his house on October 1, but the house burns to the ground before the end of September, Ebenezer is excused from his duty to pay Erasmus the £100, and Erasmus is excused from his duty to paint Ebenezer's house; however, Erasmus may still be able to sue under the theory of unjust enrichment for the value of any benefit he conferred on Ebenezer before his house burned down. The parties to a contract may choose to ignore impossibility by inserting a hell or high water clause, which mandates that payments continue even if completion of the contract becomes physically impossible. In common law, for the defe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Law
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mutual Assent
Meeting of the minds (also referred to as mutual agreement, mutual assent or ''consensus ad idem'') is a phrase in contract law used to describe the intentions of the parties forming the contract. In particular, it refers to the situation where there is a common understanding in the formation of the contract. Formation of a contract is initiated with a proposal or offer. This condition or element is considered a requirement to the formation of a contract in some jurisdictions. History Richard Austen-Baker has suggested that the perpetuation of the idea of "meeting of minds" may come from a misunderstanding of the Latin term ''consensus ad idem'', which actually means "agreement to the amething". There must be evidence that the parties had each, from an objective perspective, engaged in conduct manifesting their assent, and a contract will be formed when the parties have met such a requirement. Concept in academic work German jurist, Friedrich Carl von Savigny is usually cred ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Force Majeure
In contract law, (from Law French: 'overwhelming force', ) 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 changes prevents one or both parties from fulfilling their obligations under the contract. Explicitly excluded is any event described as an '' act of God,'' which covers a separate domain and legally differs, yet it is still related to contract law. In practice, most clauses do not excuse a party's non-performance entirely but only suspend it for the duration of the .Supreme Court of India">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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Disease
A disease is a particular abnormal condition that negatively affects the structure or function of all or part of an organism, and that is not immediately due to any external injury. Diseases are often known to be medical conditions that are associated with specific signs and symptoms. A disease may be caused by external factors such as pathogens or by internal dysfunctions. For example, internal dysfunctions of the immune system can produce a variety of different diseases, including various forms of immunodeficiency, hypersensitivity, allergies and autoimmune disorders. In humans, ''disease'' is often used more broadly to refer to any condition that causes pain, dysfunction, distress, social problems, or death to the person affected, or similar problems for those in contact with the person. In this broader sense, it sometimes includes injuries, disabilities, disorders, syndromes, infections, isolated symptoms, deviant behaviors, and atypical variations of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fire
Fire is the rapid oxidation of a material (the fuel) in the exothermic chemical process of combustion, releasing heat, light, and various reaction products. At a certain point in the combustion reaction, called the ignition point, flames are produced. The '' flame'' is the visible portion of the fire. Flames consist primarily of carbon dioxide, water vapor, oxygen and nitrogen. If hot enough, the gases may become ionized to produce plasma. Depending on the substances alight, and any impurities outside, the color of the flame and the fire's intensity will be different. Fire in its most common form can result in conflagration, which has the potential to cause physical damage through burning. Fire is an important process that affects ecological systems around the globe. The positive effects of fire include stimulating growth and maintaining various ecological systems. Its negative effects include hazard to life and property, atmospheric pollution, and water contamination ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lightning
Lightning is a naturally occurring electrostatic discharge during which two electrically charged regions, both in the atmosphere or with one on the ground, temporarily neutralize themselves, causing the instantaneous release of an average of one gigajoule of energy. This discharge may produce a wide range of electromagnetic radiation, from heat created by the rapid movement of electrons, to brilliant flashes of visible light in the form of black-body radiation. Lightning causes thunder, a sound from the shock wave which develops as gases in the vicinity of the discharge experience a sudden increase in pressure. Lightning occurs commonly during thunderstorms as well as other types of energetic weather systems, but volcanic lightning can also occur during volcanic eruptions. The three main kinds of lightning are distinguished by where they occur: either inside a single thundercloud (intra-cloud), between two clouds (cloud-to-cloud), or between a cloud and the ground ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Floods
A flood is an overflow of water ( or rarely other fluids) that submerges land that is usually dry. In the sense of "flowing water", the word may also be applied to the inflow of the tide. Floods are an area of study of the discipline hydrology and are of significant concern in agriculture, civil engineering and public health. Human changes to the environment often increase the intensity and frequency of flooding, for example land use changes such as deforestation and removal of wetlands, changes in waterway course or flood controls such as with levees, and larger environmental issues such as climate change and sea level rise. In particular climate change's increased rainfall and extreme weather events increases the severity of other causes for flooding, resulting in more intense floods and increased flood risk. Flooding may occur as an overflow of water from water bodies, such as a river, lake, or ocean, in which the water overtops or breaks levees, resulting in some of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tornadoes
A tornado is a violently rotating column of air that is in contact with both the surface of the Earth and a cumulonimbus cloud or, in rare cases, the base of a cumulus cloud. It is often referred to as a twister, whirlwind or cyclone, although the word cyclone is used in meteorology to name a weather system with a low-pressure area in the center around which, from an observer looking down toward the surface of the Earth, winds blow counterclockwise in the Northern Hemisphere and clockwise in the Southern. Tornadoes come in many shapes and sizes, and they are often visible in the form of a condensation funnel originating from the base of a cumulonimbus cloud, with a cloud of rotating debris and dust beneath it. Most tornadoes have wind speeds less than , are about across, and travel several kilometers (a few miles) before dissipating. The most extreme tornadoes can attain wind speeds of more than , are more than in diameter, and stay on the ground for more than 100 k ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Earthquakes
An earthquake (also known as a quake, tremor or temblor) is the shaking of the surface of the Earth resulting from a sudden release of energy in the Earth's lithosphere that creates seismic waves. Earthquakes can range in intensity, from those that are so weak that they cannot be felt, to those violent enough to propel objects and people into the air, damage critical infrastructure, and wreak destruction across entire cities. The seismic activity of an area is the frequency, type, and size of earthquakes experienced over a particular time period. The seismicity at a particular location in the Earth is the average rate of seismic energy release per unit volume. The word ''tremor'' is also used for non-earthquake seismic rumbling. At the Earth's surface, earthquakes manifest themselves by shaking and displacing or disrupting the ground. When the epicenter of a large earthquake is located offshore, the seabed may be displaced sufficiently to cause a tsunami. Earthquakes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
