Final answer:
An exculpatory clause is a provision in a contract in which one party states that they will not be responsible for certain actions or will be exempt from liability for certain events.
Step-by-step explanation:
The correct answer is d) Exculpatory clause. An exculpatory clause is a provision in a contract in which one party states that they will not be responsible for certain actions or will be exempt from liability for certain events. This clause is used to shift the risk and responsibility from one party to another.
An exculpatory clause in a contract states that one party will not be held responsible for certain actions, limiting their liability.
The part of a contract where a party declares not to be responsible for certain actions is known as an exculpatory clause. This clause is often included in contracts to limit the liability of one party in the event of wrongdoing or negligence. The indemnity clause, mentioned in your provided reference, is different as it requires a party to compensate the other for any losses or damages suffered as a result of the indemnifying party's actions (or inactions). The liability exemption is a broader term that may refer to any clause in a contract that exempts a party from liability, and the force majeure clause frees both parties from liability or obligation when an extraordinary event or circumstance beyond the control of the parties, such as a natural disaster, prevents one or both parties from fulfilling their obligations under the contract.