Publication
UK failure to prevent fraud offence: What do you need to do now?
A new “failure to prevent fraud” offence has been introduced as part of the Economic Crime and Corporate Transparency Act (the Act).
Author:
Publication | October 2017
The leading New York case on the impossibility doctrine is Kel Kim Corp. v. Central Markets, 70 N.Y.2d 900 (1987). In that case, plaintiff Kel Kim defaulted on a lease for a roller-skating rink it operated when it was unable to maintain adequate insurance coverage, as required by the lease, due to the liability insurance crisis affecting the United States in the mid- 1980s. Kel Kim sued for a declaratory judgment, declaring that it should be excused from the obligation because performance had been rendered impossible.
The trial court granted summary judgment against Kel Kim, and the Appellate Division affirmed. The Court of Appeals then affirmed, agreeing that the impossibility doctrine did not excuse Kel Kim’s nonperformance. The court reasoned that the doctrine is “applied narrowly, due in part to judicial recognition that the purpose of contract law is to allocate the risks that might affect performance and that performance should be excused only in extreme circumstances.” The doctrine applies “only when the destruction of the subject matter of the contract or the means of performance makes performance objectively impossible,” and it did not apply as to Kel Kim because its “inability to procure and maintain requisite coverage could have been foreseen and guarded against when it specifically undertook that obligation in the lease.”
Read the full article: Defenses of impossibility of performance and frustration of purpose
Publication
A new “failure to prevent fraud” offence has been introduced as part of the Economic Crime and Corporate Transparency Act (the Act).
Publication
On April 11 - 12, Luxatia International held the 4th World Legal Operations Summit in Berlin. Tom Evans, senior consultant in our Legal Operations Consulting Team, shared his tips for driving effective change management and leading successful transformation projects.
Publication
On May 14, 2024, Lena Haffner, Innovation Lead Germany at Norton Rose Fulbright, shared her insights on “How do you make a law firm AI ready?" at Legal Revolution 2024, one of Europe’s leading conferences in legal innovation and technology. Her lecture focused on developing a comprehensive roadmap for integrating AI into law firms, emphasizing the importance of developing a robust AI strategy and fostering an innovation-ready culture. Key topics covered in the lecture included strategic planning, skills development, multidisciplinary teamwork, and strong AI governance.
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2023