Australia | Business Law
Legal Question
law of contract
Due to fluctuations in the economy, we didnot go into an agreement with my friend company. when it looked stable we finally agreed on to sell items to each other for a certain amount. just when we were going to begin, the price for my good sky rocketed. is the contract still legally binding?
Legal Answer
Re: law of contract
Dear...
If the agreement created in the unstable business environment, the parties should be aware to up and down of the economic situation, unless the agreement clearly stipulated that for example the agreement will automatically nulified when the economic condition become unstable indicated by...., this could be clasified as force majeure clause that will become the excuse not to execute the agreeement, thanks
Lubis Ganie Surowidjojo Menara Imperium 30th Floor Jl.H.Rangkayo Rasuna Said Kav.1 Kuningan Jakarta Dki Jakarta, NUS 12980
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