General Report on the Effects of Financial Crises on the Binding Force of Contracts: Renegotiation, Rescission or Revision

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dc.contributor.authorSerozan, Rona
dc.date.accessioned2024-07-18T20:40:06Z
dc.date.available2024-07-18T20:40:06Z
dc.date.issued2016
dc.departmentİstanbul Bilgi Üniversitesien_US
dc.description19th Congress of the International-Academy-of-Comparative-Law -- JUL, 2014 -- Vienna, AUSTRIAen_US
dc.description.abstractUpon the outbreak of financial crises, financial assets suddenly lose a large part of their value. The collapse of financial institutions, insolvencies of companies, liquidity bottlenecks, not repaid credits, immensely rising interest rates cause severe difficulties for persons to fulfill their contractual obligations and destroy the equilibrium of the mutual obligations established initially in the contract. The frequency and intensity of financial crises and their negative repercussions on the traditional binding force of contracts are really immense. They evidently motivate the search for juridical solutions of the problem. While the economists search for economic precautions against and solutions for the financial crisis, the jurists look after juridical precautions and solutions. There are two dominant respective golden rules on the legal ground to be applied during financial crises. These rules are pacta sunt servanda and nominalism. The difficult mission of the jurist is to find the ideal proportion between two extreme poles. The options are whether to stick on the principles of pacta sunt servanda and nominalism or to respect the principle of loyalty (fairness), which is also considered as sacred. This chapter aims to analyze 20 impressive national reports from Argentina, Brazil, Canada (Quebec), Croatia, the Czech Republic, Denmark, France, Germany, Greece, Italy, Japan, Poland, Portugal, Romania, Russia, Singapore, Taiwan, the United Kingdom, the United States and Turkey with regard to the effects of financial crises on the binding force of contracts: renegotiation, rescission or revision.en_US
dc.description.sponsorshipInt Acad Comparat Lawen_US
dc.identifier.doi10.1007/978-3-319-27256-6_1
dc.identifier.endpage29en_US
dc.identifier.isbn978-3-319-27256-6
dc.identifier.isbn978-3-319-27254-2
dc.identifier.issn2214-6881
dc.identifier.startpage3en_US
dc.identifier.urihttps://doi.org/10.1007/978-3-319-27256-6_1
dc.identifier.urihttps://hdl.handle.net/11411/6982
dc.identifier.volume17en_US
dc.identifier.wosWOS:000389807500001en_US
dc.identifier.wosqualityN/Aen_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.language.isoenen_US
dc.publisherSpringer Int Publishing Agen_US
dc.relation.ispartofEffects of Financial Crises on The Binding Force of Contracts - Renegotiation, Rescission Or Revisionen_US
dc.relation.publicationcategoryKonferans Öğesi - Uluslararası - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.titleGeneral Report on the Effects of Financial Crises on the Binding Force of Contracts: Renegotiation, Rescission or Revision
dc.typeConference Object

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