Week 2 Discussion: Lessons Learned
After reading the Force Majeure Newspaper Article, the main lesson I learned from this article is the significance of thoroughly understanding the contract terms before entering into any binding agreement, especially when dealing with real estate transactions. This article stresses the importance of being diligent
and reading through all the clauses such as force majeure, which can significantly impact the obligations and responsibilities of both parties involved. By understanding the contract terms fully, individuals will be more empowered to make informed decisions and negotiate terms that are more fair and reasonable. According to the Legal Information Institute (LII), a Force Majeure is a provision in a contract that frees both parties from obligation if an extraordinary event prevents one or both parties from performing (
Force Majeure
, n.d.)
The developer in this case is in a tricky situation. While from a legal standpoint the developer may be within their rights to invoke a clause in the contract that allows for delays, such as the hurricanes, the ethical perspective questions the undisclosed reasons for the delays, and whether the developer should pay back the buyer. In cases like this, the best thing to do is communicate honestly and transparently. These ethical practices could help maintain trust and fairness. Ultimately, while the actions of the developer are legal, the ethical portion will need to be determined after more details are revealed. Reference
force majeure
. (n.d.). LII / Legal Information Institute. Retrieved February 28, 2024, from https://www.law.cornell.edu/wex/force_majeure
