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- Title
LEGAL REGIME RESIZED CIRCUMSTANCES IN THE COMMON LAW.
- Authors
Šolaja, Irina
- Abstract
The contracts concluded by our citizens in international trade, rarely result in contracting as a relevant positive law for matters not fully or partially regulated. Practice shows that our citizens, most often, for contractual obligations with foreign citizens, accept as applicable foreign law and English law. Specific examples of these circumstances include, the contractual agreements concluded with companies based in Bosnia and Herzegovina when buying oil from sellers based in the Middle East. Just sellers from these states refuse to conclude a contract without a clause regarding the application of English law. We emphasize the great value of these contracts and the risk if the legal entities are not familiar with the basic characteristics of individual institutes contained in the main representatives of the common-law legal system. We add, in relation to the above, it is becoming increasingly common that during the period from the conclusion of the contract until the fulfillment of the contract, work changed circumstances in which the contract is for one or both of the Contracting Party, frustrated. Accordingly, the considerations are focused on representing the way in which the system of general law regulates the impact of changed circumstances in the contract and at the same time contributes to the security and certainty in international transactions. In doing so, I adopted the historical method of interpreting law which enabled the analysis of key issues in relation to the differences in the perception of and approach to the impact of changed circumstances in the contract. The complementary application of a systematic interpretation of the narrow and broad sense led to the conclusion that the common law legal system, as well as the rights that belong to the family of continental legal system is based on the gradually easing concept of absolute liability. The difference between the two legal systems during the period in which there was a liberation from the absoluteness of contractual obligations and legal technique, by which this is done.
- Subjects
FOREIGN corporation laws; IMPOSSIBILITY of performance
- Publication
Business Studies / Poslovne Studje, 2017, Vol 9, Issue 17/18, p371
- ISSN
2232-8157
- Publication type
Article
- DOI
10.7251/POS1718371D