External Risks 1 - In contract law, are risks that are produced by a non-human source and are beyond human control. A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law Human beings, humans or man (Origin 1590–1600 L homō man OL hemō the earthly one (see Humus They are unexpected but happen regularly enough in a general population to be broadly predictable, and may be the subject of casualty insurance. Casualty insurance policies are written to cover loss that is the direct result of Accident. Good examples of external risks are natural disasters such as earthquakes and volcanoes. A natural disaster is the consequence of a Natural hazard (eg An earthquake is the result of a sudden release of energy in the Earth 's crust that creates Seismic waves Earthquakes are recorded with a Seismometer Plate tectonics and hotspots Divergent plate boundaries At the

2- In project management; Risks that are external to the project and the project manager can not control. Good examples of external risks are changes in government legislation, changes in strategy from senior managers, and the economy. Legislation (or " Statutory law " is law which has been promulgated (or " Enacted quot by a Legislature or other Governing A Strategy is a long term plan of action designed to achieve a particular goal, most often "winning An economy is the realized social system of production exchange distribution and consumption of goods and services of a country or other area

References

• Giddens, Anthony (1999). “Risk and Responsibility”. Modern Law Journal, Vol. 62 No. 1, p. 4.

See also

• Force Majeure
• Act of God
• Mutual assent
• Contract law
• Impossibility

Force Majeure ( French for "superior force" is a common clause in Contracts which essentially frees both parties from Liability Act of God is a legal term for events outside of human control such as sudden Floods or other Natural disasters for which no one can be held responsible Meeting of the minds (also referred to as mutual assent or consensus ad idem) is a phrase in contract law used to describe the intentions of the parties A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law In Contract law, impossibility is an excuse for the nonperformance of duties under a contract based on a change in circumstances (or the discovery of preexisting circumstances

© 2009 citizendia.org; parts available under the terms of GNU Free Documentation License, from http://en.wikipedia.org
Dapyx Software network: MP3 Explorer | Ebook Manager | Zenithic