Financial Crises and Danish Contract Law: No Room for Hardship

TY - GEN

T1 - Financial Crises and Danish Contract Law

T2 - No Room for Hardship

AU - Andersen, Mads Bryde

AU - Lookofsky, Joseph

PY - 2016

Y1 - 2016

N2 - Danish law recognizes a number of modifications to the pacta sunt servanda rule. When such modifications apply, a promisor may be relieved, in whole or part, of its obligation to perform as originally agreed. Due to the emphasis usually placed on pragmatic considerations in Danish law (which goes hand in hand with a lack of legal formalism in our legal system), the various recognized exceptions to pacta sunt servanda – both statutory and otherwise – sometimes tend to overlap. So although it seems appropriate in a comparative context to provide a schematic (point by point) presentation of these exceptions - e.g. with specific focus on exceptions related to the possible effects of financial crises ("Hardship") - account must also be taken of their interaction in Danish legal theory and practice, not least because Danish courts do not always specify the exact legal principle which they apply when holding that a contractual provision is not binding.

AB - Danish law recognizes a number of modifications to the pacta sunt servanda rule. When such modifications apply, a promisor may be relieved, in whole or part, of its obligation to perform as originally agreed. Due to the emphasis usually placed on pragmatic considerations in Danish law (which goes hand in hand with a lack of legal formalism in our legal system), the various recognized exceptions to pacta sunt servanda – both statutory and otherwise – sometimes tend to overlap. So although it seems appropriate in a comparative context to provide a schematic (point by point) presentation of these exceptions - e.g. with specific focus on exceptions related to the possible effects of financial crises ("Hardship") - account must also be taken of their interaction in Danish legal theory and practice, not least because Danish courts do not always specify the exact legal principle which they apply when holding that a contractual provision is not binding.

U2 - 10.1007/978-3-319-27256-6_7

DO - 10.1007/978-3-319-27256-6_7

M3 - Report chapter

SN - 978-3-319-27254-2

VL - 17

T3 - Ius Comparatum - Global Studies in Comparative Law

SP - 121

EP - 135

BT - The Effects of Financial Crises on the Binding Force of Contracts

A2 - Başoğlu, Başak

PB - Springer

ER -