Unexpected Circumstances in European Contract Law (The Common Core of European Private Law)
Cambridge University Press, 2011-03-03
EAN 9781107003408, ISBN10: 1107003407
Hardcover, 714 pages, 22.8 x 15.2 x 3.8 cm
The recent financial crisis has questioned whether existing contracts may be adapted, terminated or renegotiated as a result of unexpected circumstances. The question is not a new one. In medieval times the notion of clausula rebus sic stantibus was developed to cope with such situations, and Germany introduced the theory of Wegfall der Geschäftsgrundlage. In England, the Coronation cases provided one possible answer. This comparative study explores the possibility of classifying jurisdictions as 'open' or 'closed' in this regard.