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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.

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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 César
Rivera.- 3 Keeping the Balance: The Effects of Financial Crises on Contracts
under Brazilian Law; Anderson Schreiber.- 4 Les effets exercés par les crises financières sur la force
obligatoire des contrats: certitudes et incertitudes du droit québécois en
matière d´imprévision; Élise Charpentier and Nathalie Vézina.- 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 Selucká.- 7 Financial Crises and Danish Contract Law: No Room for Hardship; Mads
Bryde Andersen and Joseph Lookofsky.- 8 Crises financières et contrats: le droit fran‡ais refuse la révision
d´un contrat devenu déséquilibré; Rémy
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´imprévision dans le Nouveau Code Civil roumain enfanté par la
crise économique 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.

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