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

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

Paperback

Series: Ius Comparatum - Global Studies in Comparative Law, Book 17

General Law

ISBN10: 3319801023
ISBN13: 9783319801025
Publisher: Springer Nature
Published: Apr 7 2018
Pages: 333
Weight: 1.10
Height: 0.74 Width: 6.14 Depth: 9.21
Language: English

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.

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