“… This Article endeavors to be the first law review article that analyzes stagflation in American jurisprudence. The first part of this Article discusses the history of stagflation and its prevalence, particularly during the Carter administration. The Article then analyzes how courts have historically considered stagflation in American jurisprudence and examines several cases that have cited stagflation in their analyses. The final part analyzes whether stagflation may be considered a force majeure event. A number of commentators have already started to address the question of whether the onset of the COVID-19 pandemic is a force majeure event. However, there is a glaring gap in the literature on the question of whether stagflation qualifies as such an event. Utilizing cases involving inflation and force majeure clauses as well as the COVID-19 pandemic as comparisons, this Article addresses the question of whether stagflation would qualify. With stagflation possibly on the horizon in the United States, analysis of this question will provide more clarity for contracting parties as well as the courts in the event a period of stagflation occurs. Furthermore, such analysis provides insight into the general principles of exceptions to performance in business contracts.”
Chad G Marzen and Michael Conklin, Stagflation in American Jurisprudence, 42 Pace Law Review 1 (2021).
First posted 2022-02-25 10:00:36
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