What will happen in case a business industry is carrying some dangerous activities and caused damages?
Sometimes, someone can experience this kind of issue and later think on: Who is going to be liable? Of course, in liabilities, there are the absolute liability and the strict one.
On the one hand, the doctrine of the absolute liability is the liability with no need to establish fault. It means that no matter what precautions a person takes, if there’s an injury or death, He or She is liable.
On the other hand, even if the absolute liability can be understandable the same as a strict liability, however, they are different. In brief, what makes them different is that a person liable for strict liability can claim for the exceptions (such as the act of God, the act of the third party, the fault of the plaintiff, and the consent of the plaintiff). But, absolute liability is one which does not have any exceptions.
Thus, on the above case, that business industry is absolutely liable to pay compensation to the victims with no defences or excuses and cannot claim for the exceptions, such as the act of God or the act of the third party.
Covid-19 is the circumstance outside a party’s reasonable control which prevents that party from fulfilling its contractual obligations. In other words, it’s a force majeure. Because of that, there are different legal issues that can be arise. Although, there are legal ways that can also be applicable to those issues. All those points are going to be discussed briefly below.
The legal issues are the following:
- To terminate the contract;
- To refrain from performing the contract;
- To suspend performance of the contract;
- To claim for an extension of time for performance; and
- To dispute for non fulfillment of contractual obligations.
The legal implications are the following:
- The party has to demonstrate the evidence that unabled it to fulfill the obligations;
- The party has to demonstrate that Covid-19 is considered as a force majeure under the law or contract;
- The party claiming has to prove that Covid-19 caused the loss claiming; and
- The parties have to renegotiate the terms of the contract. Including the request of the waive of the obligations.
Thus, it’s obvious that this pandemic of Covid-19 may lead to different legal issues that are regarding to the contract. However, there are also different legal solutions that can be used by the parties in order to reduce their loss.
Before I answer this question, let me first discuss briefly on the nature of the crypto currency.
In fact, a crypto currency is decentralized digital currency. It uses the block chain ledger to record and make validation of every transaction. It means that when someone uses it to pay goods or services, every transaction is recorded by that block chain and there’s no need of central administration, for example, the central bank.
A crypto currency has different types, such as, Bitcoin; Bitcoin cash; Litecoin; Ethereum; Ripple; Stellar; NEO; Cardaro; and IOTA. Apart from those, it is legal in some countries and illegal in others. It’s legal, for example, in Japan; USA; Singapore; France; Canada; and so many other countries. On the other hand, it is illegal, for example, in Nepal; Bolivia; Algeria; and so many other countries. However, most countries around the globe have started accepting the use of it in different aspects of life.
In addition, there are the good things and the bad things of it. The good ones are: It happens between two persons only without any intermediate; It helps to keep secrets; It is good for poor people who don’t usually have bank accounts; It is good for international trade because it doesn’t requires additional charges; and the last one is that it is best in these digital times. However, it has more bad things or dangers, such as: Too much traffic of transactions; Frequently change in the prices; Cyber crimes problems; and it doesn’t regulated by the central administration.
Let me comeback to the main point and answer that question. Of course, YES!, it’s time that the international community to have the single regulation for the crypto currency. In other words, the solution to the issues caused by crypto currency can be solved by the enactment of the regulation which should be applied to all countries. This culture of every country to apply its own style should be stopped. Thus, all countries should cooperate and stand together to face with all matters of the crypto currency.