A little line at the end of every contract or agreement asks you to sign and put a place and date of signing. Most people rarely pay attention to the location. But it can have far reaching consequences.
A force majeure event is an act of God or State that allows a Party to a contract to avoid meeting its obligations. However, if such a force majeure clause is not explicitly present in a contract, this defence cannot be invoked.
Material progress of any civilization is dependent to a large extent on upholding of sanctity of a contract and right to hold property/wealth. In fact, even the social order can continue only until people honour the tacit Social Contract which brought the society and State in existence. It is therefore vital for every person in business to understand the basics of contract law.
