Overview
- Provides a comprehensive comparative overview on the legal consequences of global financial crises on the binding force of contracts
- Explores the problem from a variety of theoretical bases and concise analysis of the law of 19 jurisdiction
- Focuses on possible available remedies, namely renegotiation, rescission and revision
Part of the book series: Ius Comparatum - Global Studies in Comparative Law (GSCL, volume 17)
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Table of contents (19 chapters)
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Front Matter
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General Report and Original Questionnaire
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Front Matter
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National Reports
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Front Matter
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Keywords
- Binding Effect of the Contracts
- Clausula Rebus Sic Stantibus
- Dealing with Financial Crises
- Derogating from the Principle of Sanctity of Contracts
- Designated Money Trust Contracts
- Doctrine of Frustration
- Effects of Financial Crises
- Financial Crises
- Financial Crises on the Binding Force of Contracts
- Frustrated Contracts Act
- Influences of Changes of Circumstances on Contracts
- Legal Aspects of Contemporary Economic Climate
- Limits to the Binding Force of the Contracts
- Pacta Sunt Servanda
- Principles of Good Faith and Fairness
- Response to Financial Crises
- Room for renegotiation
- Sub-lease Cases and Repayment Claims of Deposits
- Theory of Unforeseeability
About this book
This book is about one of the most controversial dilemmas of contract law: whether or not the unexpected change of circumstances due to the effects of financial crises may under certain conditions be taken into account.
Growing interconnectedness of global economies facilitates the spread of the effects of the financial crises. Financial crises cause severe difficulties for persons to fulfill their contractual obligations. During the financial crises, performance of contractual obligations may become excessively onerous or may cause an excessive loss for one of the contracting parties and consequently destroy the contractual equilibrium and legitimate the governmental interventions.
Uncomfortable economic climate leads to one of the most controversial dilemmas of the contract law: whether the binding force of the contract is absolute or not. In other words, unstable economic circumstances impose the need to devote special attention to review and perhaps to narrow the binding nature of a contract. Principle of good faith and fair dealing motivate a variety of theoretical bases in order to overcome the legal consequences of financial crises.
In this book, all these theoretical bases are analyzed with special focus on the available remedies, namely renegotiation, rescission or revision and the circumstances which enables the revocation of these remedies.
The book collects the 19 national reports and the general report originally presented in the session regarding the Effects of Financial Crises on the Binding Force of Contracts: Renegotiation, Rescission or Revision during the XIXth congress of the International Academy of Comparative Law, held in Vienna, July 2014.
Editors and Affiliations
Bibliographic Information
Book Title: The Effects of Financial Crises on the Binding Force of Contracts - Renegotiation, Rescission or Revision
Editors: Başak Başoğlu
Series Title: Ius Comparatum - Global Studies in Comparative Law
DOI: https://doi.org/10.1007/978-3-319-27256-6
Publisher: Springer Cham
eBook Packages: Law and Criminology, Law and Criminology (R0)
Copyright Information: Springer International Publishing Switzerland 2016
Hardcover ISBN: 978-3-319-27254-2Published: 04 March 2016
Softcover ISBN: 978-3-319-80102-5Published: 07 April 2018
eBook ISBN: 978-3-319-27256-6Published: 25 February 2016
Series ISSN: 2214-6881
Series E-ISSN: 2214-689X
Edition Number: 1
Number of Pages: XIX, 333
Number of Illustrations: 2 b/w illustrations
Topics: Private International Law, International & Foreign Law, Comparative Law , Financial Law/Fiscal Law, Civil Law