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    Certainty over clemency: English contract law in the face of financial crisis

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    Authors
    Huang, Flora
    Yeung, Horace
    Affiliation
    University of Leicester
    Issue Date
    2016
    
    Metadata
    Show full item record
    Abstract
    This chapter has the objective to consider the legal implications of negative economic trends under English contract law in the aftermath of the global Financial Crisis of 2007–2008. Unlike other jurisdictions, most notably in civil law countries, the English position in the law governing a fundamental change in circumstances has remained narrow, that is, no relief will be granted unless it is an exceptional situation. The English courts deal with the issue either by the doctrine of frustration or through construing contractual force majeure provisions. Following the crisis, indeed there have been an increasing number of cases going down these avenues. Apart from relying on frustration or force majeure clause, another emerging phenomenon is that there has been a growth in allegations of misrepresentation and therefore requesting a rescission of contract. In either case, the aim of claimants is apparently trying to bring the contractual obligations to an end.
    Citation
    Yeung, H. and Huang, F. (2016). 'Certainty over clemency: English contract law in the face of financial crisis'. In Başoğlu, B. (Ed.). 'The effect of financial crises in the binding force of contracts- renegotiation, rescission or revision'. Switzerland: Springer Nature, pp. 285-307.
    Publisher
    Springer
    URI
    http://hdl.handle.net/10545/624567
    DOI
    10.1007/978-3-319-27256-6
    Additional Links
    https://www.springer.com/gb/book/9783319272542?utm_campaign=bookpage_about_buyonpublisherssite&utm_medium=referral&utm_source=springerlink#aboutBook
    Type
    Book chapter
    Language
    en
    Series/Report no.
    17
    ISBN
    9783319272566
    ae974a485f413a2113503eed53cd6c53
    10.1007/978-3-319-27256-6
    Scopus Count
    Collections
    Derby Law School

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