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42 Pace L. Rev. 1 (2021-2022)

handle is hein.journals/pace42 and id is 1 raw text is: STAGFLATION IN AMERICAN JURISPRUDENCE Chad G. Marzen* Michael Conklin** TABLE OF CONTENTS I. IN T R O D U CT IO N ...................................................................................................... 1 II. THE HISTORY AND PERILS OF STAGFLATION ................................................ 4 A. The Causes and Consequences of 1970s Stagflation............ 4 B . Stagflation in 20 21 ........................................................................ . 6 III. STAGFLATION IN AMERICAN JURISPRUDENCE .............................................. 8 A. Natural Resources Defense Council, Inc. v. Callaway.........8 B . In re D o rtch ...................................................................................... . 9 C. Theofanis v. Theofanis............................................................... 10 D. Other Courts Referencing Stagflation.................................. 11 IV. STAGFLATION AS A FORCE MAJEURE EVENT............................................... 12 A. Background of Force Majeure Clauses............................... 12 B. Force M ajeure and Inflation ................................................... 15 C. Stagflation, Commercial Impracticability, and Force M ajeu re Clau ses......................................................................... . 18 D. Stagflation and Commercial Impracticability.................. 18 E. Stagflation and Force M ajeure.............................................. 19 V . C O N CLU SIO N ...................................................................................................... 2 2 I. INTRODUCTION With a significant number of Americans now vaccinated against COVID-19,1 the end of the COVID-19 pandemic is finally in sight2 The end of the pandemic has brought forth a sense of renewed optimism * American General Insurance Associate Professor of Insurance Law, Florida State University. This author can be reached at cmarzen@fsu.edu. ** Powell Endowed Professor of Business Law, Angelo State University. This author can be reached at mconklin@angelo.edu. 1. See Sheryl Gay Stolberg & Noah Weiland, With Vaccination Goal in Doubt, Biden Warns of Variant's Threat, N.Y. TIMES (Sept. 2, 2021), https://www.nytimes.com/2021/06/18 /us/politics/biden-vaccine-variants.html. 2. See Tomi Kilgore, The COVID-19 Pandemic Isn't Over, but 'The Great End Point' Is in Site As More Than 120 Million Americans Are Fully Vaccinated, MARKETWATCH (May 14, 2021, 3:10 PM), https://www.marketwatch.com/story/the-covid-19-pandemic- isnt-over-but-the-great-end-point-is-in-site-as-nearly-12 0-million-americans-are- fully-vaccinated-11621009380. 1

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