Coronavirus causing businesses to review "Force Majeure" contract clause
It seems the world is going crazy with talk about the worldwide pandemic known as the Corona Virus. No. this is not a virus from drinking too much beer, this is a flu-like symptom that can cause a fever, shortness of breath, and other symptoms. The fear is now turning to panic with store shelves being emptied (food, beans, water, toilet paper, hand sanitizer, etc.). It is also playing games with the stock market with big swings up and down. The airline industry (much like the banks many years ago), will be seeking - and it sounds like it is all but approved as Trump has said - a 50 billion dollar bailout. Note: individual small business owners and stock investors never seem to get this type of financial relief. If the market tanks, jobs will also tank, and we face the risk of a recession or worse, a depression. People are already talking and I can feel the fear growing. Many small business owners are now fearing loss of income and facing lawsuits over breach of contract. Is this Coronavirus an "act of god" covered by a FORCE MAJEURE clause in a contract? Can you get out of your contract or defend against a lawsuit (ex. a vendor lawsuit) on these grounds? Watch Attorney Steve® explain this important legal concept in this ContractsCollege video.