which term is defined as the chance that a given event will occur
Probability Probability is the measure of the likelihood that an event will occur.[1] See glossary of probability and statistics. Probability is quantified as a number between 0 and 1, where, loosely speaking,[2] 0 indicates impossibility and 1 indicates certainty.[3][4] The higher the probability of an event, the more likely it is that the event will occur. A simple example is the tossing of a fair (unbiased) coin. Since the coin is fair, the two outcomes ("heads" and "tails") are both equally probable; the probability of "heads" equals the probability of "tails"; and since no other outcomes are possible, the probability of either "heads" or "tails" is 1/2 (which could also be written as 0.5 or 50%).
Force majeure Force majeure (/ˌfɔːrs mɑːˈʒɜːr, -məˈʒɜːr/ FORSS mah-ZHUR, -mə-ZHUR; French: [fɔʁs maʒœʁ]) – or vis major (Latin) – meaning "superior force", also known as cas fortuit (French) or casus fortuitus (Latin) "chance occurrence, unavoidable accident",[1] is a common clause in contracts that essentially frees both parties from liability or obligation when an extraordinary event or circumstance beyond the control of the parties, such as a war, strike, riot, crime, or an event described by the legal term act of God (hurricane, flood, earthquake, volcanic eruption, etc.), prevents one or both parties from fulfilling their obligations under the contract. In practice, most force majeure clauses do not excuse a party's non-performance entirely, but only suspend it for the duration of the force majeure.[2][3]