No Get Out Of Jail Free Card: Courts Less Than Receptive To Force Majeure, Impossibility, and Other Defenses
By EsqSocial Corporation 20/01/21
The increase in loan and lease defaults in the wake of COVID-19 has brought to the forefront numerous legal defenses by borrowers and tenants, such as force majeure, impossibility, and frustration of purpose. Force majeure allows a party to suspend or terminate their obligations when certain circumstances beyond their control arise. Impossibility applies when the destruction of the subject matter of the contract or the means of performance makes contract compliance objectively impossible......
By: Moritt Hock & Hamroff LLP