Legal Definitions - periculum

Periculum is a Latin term used in legal contexts, particularly in civil law, to refer to a risk, danger, or peril. It signifies the potential for harm, loss, or damage, and often relates to who bears responsibility for such an event if it occurs.

• Example 1: Contractual Risk in Sales

  Imagine a contract for the sale of a custom-built yacht. The agreement specifies that the buyer assumes periculum once the yacht is launched from the shipyard, even though the final delivery to the buyer's marina is still several days away. If a sudden storm damages the yacht while it is moored at the shipyard's dock awaiting transport, the buyer would bear the financial loss.

  This example illustrates periculum as the specific point at which the risk of loss or damage to an item transfers from one party (the seller) to another (the buyer) under a contract.

• Example 2: Property Liability

  A property owner has an old, dilapidated fence bordering a public park. The fence is visibly unstable and poses a significant periculum to children playing nearby, as it could collapse and cause injury.

  Here, periculum refers to the inherent danger or risk of harm presented by the condition of the fence. The property owner has a legal responsibility to address this peril to prevent potential liability for injuries.

• Example 3: Insurance and Shipping

  A company shipping valuable electronics overseas purchases an insurance policy that covers all maritime pericula. This means the policy protects against various dangers or risks that could occur during the sea voyage, such as the ship encountering severe weather, running aground, or being subject to piracy.

  In this context, pericula (the plural form of periculum) refers to the collection of specific perils or dangers that the insurance policy is designed to cover, mitigating the financial risk for the shipping company.