Economic Shock
/ɪˈkɒnəmɪk ʃɒk/
Definitions
- (n.) A sudden, unexpected event that causes significant disruption to an economy, affecting markets, employment, and legal contracts.
The pandemic triggered an economic shock that led to widespread contract renegotiations.
Forms
- economic shock
- economic shocks
Related terms
See also
Commentary
Economic shocks often necessitate careful contract analysis for force majeure and hardship clauses in legal practice.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.