THE EFFECTS OF FINANCIAL CRISES ON THE BINDING FORCE OF CONTRACTS IN THE CZECH REPUBLIC

Josef Fiala, Markéta Selucká

Abstract


The authors of this article focused mainly on outlining some of the aspects of the relationship betweenthe financial crisis and contract law in the Czech Republic. Moreover they described some of the mainthe changes in Czech civil law which took place recently. Not only the authors explained the current law, butthey also mentioned the previous regulation. For better understanding, the authors also presented severalprovisions laid down in the new Czech Civil Code, which entered into force on January 1, 2014, regarding thehardship clause in Civil law (“clausula rebus sic stantibus”). Aside from that the authors also paid attentionto the right to compensation for damages under the new Czech Civil Code.

Keywords


financial crises, new Czech Civil Code, hardship clause

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