This bookis about one of the mostcontroversial dilemmas of contract law: whether or not the unexpected change ofcircumstances due to the effects of financial crises may under certain conditionsbe taken into account.
Growinginterconnectedness of global economies facilitates the spread of the effects ofthe financial crises. Financial crises cause severe difficulties for persons tofulfill their contractual obligations. During the financial crises, performanceof contractual obligations may become excessively onerous or may cause anexcessive loss for one of the contracting parties and consequently destroy thecontractual equilibrium and legitimate the governmental interventions.
Uncomfortableeconomic climate leads to one of the most controversial dilemmas ofthe contract law: whether the binding force of the contract is absolute or not.In other words, unstable economic circumstances impose the need to devotespecial 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 overcomethe legal consequences of financial crises.
In thisbook, all these theoretical bases are analyzed with special focus on theavailable remedies, namely renegotiation, rescission or revision and thecircumstances which enables the revocation of these remedies.
The book collects the 19 national reports and the generalreport 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 InternationalAcademy of Comparative Law, held in Vienna, July 2014.
