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Vol 21 No 11 Nov/Dec 2016

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The Effects of Financial Crises on the Binding Force of Contracts - Renegotiation, Rescission or Revision

Edited by: Basak Basoglu

ISBN13: 9783319272542
Published: March 2016
Publisher: Springer-Verlag
Country of Publication: Switzerland
Format: Hardback
Price: £117.00



Despatched in 9 to 11 days.

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.

Subjects:
Contract Law
Contents:
Part I General Report.
1. General Report on the Effects of Financial Crises on the Binding Force of Contracts: Renegotiation, Rescission or Revision
Rona Serozan.

Part II National Reports.
2. From Crisis to Crisis: Weakness of Contracts in Argentina
Julio Cesar Rivera.
3. Keeping the Balance: The Effects of Financial Crises on Contracts under Brazilian Law
Anderson Schreiber.
4. Les effets exerces par les crises financieres sur la force obligatoire des contrats: certitudes et incertitudes du droit quebecois en matiere d'imprevision
Elise Charpentier and Nathalie Vezina.
5. Can Financial Crisis Lead to the Application of the Institute of Changed Circumstances under Croatian Law?
Maja Bukovac Puvaca, Gabrijela Mihelcic and Iva Tuhtan Grgic.
6. Elimination of the Impacts of Financial Crisis on Legal Relationships according to Czech Private Law
Marketa Selucka.
7. Financial Crises and Danish Contract Law: No Room for Hardship
Mads Bryde Andersen and Joseph Lookofsky.
8. Crises financieres et contrats: le droit francais refuse la revision d'un contrat devenu desequilibre
Remy Cabrillac.
9. Financial Turmoil as a Change of Circumstances under Greek Contract Law
Nikolaos A. Davrados.
10. "All Roads Lead to Rome": The Multiple Grounds under Italian Law to Challenge a Contract Due to Supervening Changes of Circumstances
Marco Torsello.
11. Effects of a Bubble Economy on the Binding Force of Contracts:The 1990s Experience of Japan and Its Implications
Shugo Kitayama.
12. The Effects of Crises on the Binding Force of Contracts
Polish Solutions
Wojciech Robaczynski.
13. Discussing the (Ab)Normality of Financial Crises as a Relevant Change of Circumstances Under Portuguese Law
Manuel Carneiro da Frada and Mariana Fontes da Costa.
14. L'imprevision dans le Nouveau Code Civil roumain enfante par la crise economique mondiale
Dumitru Dobrev and Marilena Uliescu.
15. The Russian Federation Legislation on the Effects of Financial Crises on the Binding Force of Contracts: Renegotiation, Rescission or Revision
Natalia Georgievna Doronina and Natalia Guennadievna Semilyutina.
16. The Effects of the Global Financial Crisis on the Binding Force of Contracts: A Focus on Disputes over Structured Notes in Taiwan
Chang-hsien Tsai.
17. Certainty over Clemency: English Contract Law in the Face of Financial Crisis
Horace Yeung and Flora Huang.
18. Financial Crisis and the Remedy of Rescission in the United States
Aditi Bagchi.
19. The Adaptation of the Contract in Turkish Law
Basak Baysal.

Index.