Contract Theory Current Affairs, GK & News

Life Insurance Council: “Force Majeure” does not apply for COVID-19 cases

On April 6, 2020, the Life Insurance council announced that the “Force Majeure” clause will apply to COVID-19 deaths. Apart from the council, Kolkata Port Trust has also invoked force majeure. What is force Majeure? Force Majeure clause was introduced for unforeseen circumstances. This includes natural disasters, accidents, epidemics, pandemics. Legislation Force Majeure is a ..

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Oliver Hart and Bengt Holmstrom win 2016 Nobel Prize in Economics

Two economists Oliver Hart and Bengt Holmstrom have won the 2016 Nobel Memorial Prize in Economic Sciences. Both of them will share 8 million kronor, or about $930,000. Royal Swedish Academy of Sciences has selected them for their contributions to contract theory which tells how contracts help people deal with conflicting interests. Their individual theories ..

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