Unexpected Circumstances

Download or read book Unexpected Circumstances in European Contract Law written by Ewoud Hondius and published by Cambridge University Press. This book was released on 2011-03-03 with total page 715 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.