California developer says virus an act of God, sues Exxon over stalled deal [Reuters]
Exxon Mobil Corporation (XOM)
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Source: Reuters
California developer says virus an act of God, sues Exxon over stalled deal April 9 (Reuters) - A California retail developer claims the state’s coronavirus lockdown was an act of God that prevented it from completing a $4.2 million property acquisition, asking a court to prevent owner Exxon Mobil Corp from selling to any other buyers. Pacific Collective LLC invoked force majeure in its bid to delay an Exxon property acquisition, according to a suit filed in Los Angeles County Superior Court. The legal clause refers to unexpected events that prevent one party to a contract from meeting its obligations. Sometimes referred to as the act of God clause, force majeure is being invoked elsewhere in energy contracts. BP this month cited force majeure for a one-year delay on a natural gas project, and three Indian refiners have cited it in rejecting crude oil imports. An Exxon spokesman declined immediate comment, citing pending litigation. Pacific Collective did not reply to a request for co
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