Contracts In Crises
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The Effects Of Financial Crises On The Binding Force Of Contracts Renegotiation Rescission Or Revision
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Author : Başak Başoğlu
language : en
Publisher: Springer
Release Date : 2016-02-25
The Effects Of Financial Crises On The Binding Force Of Contracts Renegotiation Rescission Or Revision written by Başak Başoğlu and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-02-25 with Law categories.
This book is about one of the most controversial dilemmas of contract law: whether or not the unexpected change of circumstances due to the effects of financial crises may under certain conditions be taken into account. Growing interconnectedness of global economies facilitates the spread of the effects of the financial crises. Financial crises cause severe difficulties for persons to fulfill their contractual obligations. During the financial crises, performance of contractual obligations may become excessively onerous or may cause an excessive loss for one of the contracting parties and consequently destroy the contractual equilibrium and legitimate the governmental interventions. Uncomfortable economic climate leads to one of the most controversial dilemmas of the contract law: whether the binding force of the contract is absolute or not. In other words, unstable economic circumstances impose the need to devote special attention to review and perhaps to narrow the binding nature of a contract. Principle of good faith and fair dealing motivate a variety of theoretical bases in order to overcome the legal consequences of financial crises. In this book, all these theoretical bases are analyzed with special focus on the available remedies, namely renegotiation, rescission or revision and the circumstances which enables the revocation of these remedies. The book collects the 19 national reports and the general report originally presented in the session regarding the Effects of Financial Crises on the Binding Force of Contracts: Renegotiation, Rescission or Revision during the XIXth congress of the International Academy of Comparative Law, held in Vienna, July 2014.
On The Economics Of Crisis Contracts
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Author : Elias Aptus
language : en
Publisher:
Release Date : 2014
On The Economics Of Crisis Contracts written by Elias Aptus and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
We examine the impact of so-called "Crisis Contracts" on bank managers' risk-taking incentives and on the probability of banking crises. Under a Crisis Contract, managers are required to contribute a pre-specified share of their past earnings to finance public rescue funds when a crisis occurs. This can be viewed as a retroactive tax that is levied only when a crisis occurs and that leads to a form of collective liability for bank managers. We develop a game-theoretic model of a banking sector whose shareholders have limited liability, so that society at large will suffer losses if a crisis occurs. Without Crisis Contracts, the managers' and shareholders' interests are aligned, and managers take more than the socially optimal level of risk. We investigate how the introduction of Crisis Contracts changes the equilibrium level of risk-taking and the remuneration of bank managers. We establish conditions under which the introduction of Crisis Contracts will reduce the probability of a banking crisis and improve social welfare. We explore how Crisis Contracts and capital requirements can supplement each other and we show that the efficacy of Crisis Contracts is not undermined by attempts to hedge.
Contracts In Crises
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Author : Richard E. Speidel
language : en
Publisher:
Release Date : 2007
Contracts In Crises written by Richard E. Speidel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Illegal contracts categories.
Government frequently responds to crises (like 9/11 and Hurricane Katrina) with laws that have retrospective effects on existing contracts. Because these laws are usually constitutional, the promisee has no claim against the government. The promisor, however, will probably obtain an excuse from the contract because performance is now either illegal or impaired by government acts or orders. The promisor is in what can be called "the Zone of Coercion." If excuse is granted, the contract is discharged but the promisee, because of limited remedies, will not be restored to its pre-contract position. Thus, the promisee's contract rights are casualties in what amounts to a constitutional taking by the government. This book traces and critiques the development from 19th-century England to the present of excuse doctrine and its application by courts in "the Zone." The development of more general contract excuse doctrine and different theories about excuse -- such as economic analysis and behavioral decision theory -- are also traced in both private and public contracts. "Speidel's [book] is a prescient and relevant text, which provides a unique legal perspective on contractual defenses and which has particular applicability to the contractual fallout that will inevitably occur after the proposed governmental 'resolution' of the Wall Street debacle....In its entirety, the text provides an informative perspective on these concentrated issues of the intersection of private contract law and public law in times of crisis." -- The Law & Politics Book Review, October 2008
Psychological Contract And The Financial Crisis
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Author : Fotini Mastroianni
language : en
Publisher: GRIN Verlag
Release Date : 2017-02-16
Psychological Contract And The Financial Crisis written by Fotini Mastroianni and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-02-16 with Business & Economics categories.
Essay from the year 2012 in the subject Economics - Job market economics, , language: English, abstract: A key example of drastic change in today's global working environment with important consequences for employees since the diversification of all aspects of work is the transformation of the "psychological contract" among employees and their organizations. As such "psychological contract" is defined by Rousseau (1995) as "the belief that a person for the terms and conditions of a mutual agreement transaction between him/her and another participant, in this case between the employee and the organization". More specifically, the term "psychological contract" refers to mutual obligations, values, expectations and desires of employees from their employers, beyond any formal employment contract. In other words, it is a transaction relationship, where employees and employers have certain expectations about their mutual obligations, which are, of course, different for each employee and significantly affect what each side believes is its obligation. The psychological contract has been characterized in a various ways, for example, as "unstable, subjective, unconscious, indirect, alive, something that employees know it exists, only when it is changed" (Appelbaum et al.).
Wayward Contracts
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Author : Victoria Kahn
language : en
Publisher: Princeton University Press
Release Date : 2016-07-26
Wayward Contracts written by Victoria Kahn and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-26 with Literary Criticism categories.
Why did the language of contract become the dominant metaphor for the relationship between subject and sovereign in mid-seventeenth-century England? In Wayward Contracts, Victoria Kahn takes issue with the usual explanation for the emergence of contract theory in terms of the origins of liberalism, with its notions of autonomy, liberty, and equality before the law. Drawing on literature as well as political theory, state trials as well as religious debates, Kahn argues that the sudden prominence of contract theory was part of the linguistic turn of early modern culture, when government was imagined in terms of the poetic power to bring new artifacts into existence. But this new power also brought in its wake a tremendous anxiety about the contingency of obligation and the instability of the passions that induce individuals to consent to a sovereign power. In this wide-ranging analysis of the cultural significance of contract theory, the lover and the slave, the tyrant and the regicide, the fool and the liar emerge as some of the central, if wayward, protagonists of the new theory of political obligation. The result is must reading for students and scholars of early modern literature and early modern political theory, as well as historians of political thought and of liberalism.
Public Procurement Regulation In A Crisis
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Author : Sue Arrowsmith
language : en
Publisher: Bloomsbury Publishing
Release Date : 2021-11-04
Public Procurement Regulation In A Crisis written by Sue Arrowsmith and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-11-04 with Law categories.
This timely book provides the first systematic analysis of global public procurement regulation and policy during and beyond the COVID-19 pandemic. Through both thematic chapters and national case studies, this book: - explores the adequacy of traditional legal frameworks for emergency procurement; - examines how governments and international organisations have responded specifically to the pandemic; and - considers how the experience of the pandemic and the political impetus for reform might be leveraged to improve public procurement more broadly. Public procurement has been critical in delivering vital frontline public services both in the health sector and elsewhere, with procurement of ventilators, protective equipment and new hospitals all hitting the headlines. At the same time, procurers have faced the challenge of adjusting existing contracts to a new reality where, for example, some contracted services can no longer operate. Further, efficient and effective procurement will be an essential, and not a luxury, in the economic recovery. With case studies on Italy, the UK, the USA, India, Singapore, Africa, Latin America and China, the book brings together the world's leading academics and practitioners from across Europe, the Americas, Asia and Africa to examine these issues, providing an essential resource for policy makers, legislators, international organisations and academics.
Crisis Construction In Contract Boilerplate
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Author : Emily Strauss
language : en
Publisher:
Release Date : 2019
Crisis Construction In Contract Boilerplate written by Emily Strauss and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Why might judges interpret a boilerplate contractual clause to reach a result clearly at odds with its plain language? Though courts don't acknowledge it, one reason might be economic crisis. Boilerplate provisions are pervasive, and enforcing some clauses as written might cause additional upheaval during a panic. Under such circumstances, particularly where other government interventions to shore up the market are exhausted, one can make a compelling argument that courts should interpret an agreement to help stabilize a situation threatening to spin out of control. This Article argues that courts have in fact done this by engaging in “crisis construction.” Crisis construction refers to the act of interpreting contractual language in light of concurrent economic turmoil. In the aftermath of the financial crisis, trustees holding residential mortgage backed securities sued securities sponsors en masse on contracts warranting the quality of the mortgages sold to the trusts. These contracts almost universally contained provisions requiring sponsors to repurchase individual noncompliant loans on an individual basis. Nevertheless, court after court permitted trustees to prove their cases by sampling rather than forcing them to proceed on a loan by loan basis.While the reasoning of these decisions is frequently dubious, they gave trustees the leverage to salvage millions - even billions - of dollars in settlements from the sponsors who had sold the shoddy loans, reassuring investors that sponsors would be forced to stand behind their contracts. However, as the crisis ebbed, courts retrenched, and more recent decisions adhere to the plain language requiring loan-by-loan repurchase. I argue that the rise and fall of decisions permitting sampling reflect a largely unexpressed judgment that in times of severe economic crisis, courts may produce decisions to help stabilize the economy. I further examine why these provisions appear to have persisted in MBS contracts.
Digging Out
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Author : Charles Clark
language : en
Publisher: iUniverse
Release Date : 2011-07-27
Digging Out written by Charles Clark and has been published by iUniverse this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-07-27 with Political Science categories.
In hard times, dissension mounts. The old social contract flounders and cannot be revived. Forces of reaction assert themselves. Danger intensifies. In dark times, opportunity appears. Such is our time. It is time to debate and define the next social contract, to articulate its political aims and action plan. It is time to change the world. In Digging Out: Global Crisis and the Search for a New Social Contract, two brothers from the social and environmental justice movements engage this debate with a revolutionary proposal rooted in the power dynamics of the worlds rising service-based economy. They provide a theoretical framework to reinterpret and address festering world problems through local and global initiatives. They urge cultural reinvigoration to deploy our social skills and innovation in service of others. Their proposal confirms the leading role of civil society, and it calls for a worldwide commercial transaction fee to curb financial speculation while adequately and permanently funding a sustainable future. Digging Out proposes a new social contract to advance economic security, social justice, and ecological restoration worldwide. It is a clarion call, urging us to unite and demand the changes necessary for a better tomorrow.
Wayward Contracts
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Author :
language : en
Publisher:
Release Date : 2008
Wayward Contracts written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Why did the language of contract become the dominant metaphor for the relationship between subject and sovereign in mid-seventeenth-century England? In Wayward Contracts, Victoria Kahn takes issue with the usual explanation for the emergence of contract t.
The Labor Market Effects Of Financial Crises
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Author : Siddharth Sharma
language : en
Publisher:
Release Date : 2017
The Labor Market Effects Of Financial Crises written by Siddharth Sharma and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Global Financial Crisis, 2008-2009 categories.
This paper examines how the 2008-09 financial crisis affected labor markets in Central and Western Europe, and how this impact depended on employment protections laws. Using a differences-in-differences approach that compares industries with varying degrees of inherent dependence on external financing, the analysis finds that the crisis had significant negative impacts on employment, particularly on temporary, less skilled, and younger workers. These impacts on the level and composition of employment were significantly stronger in countries with stronger legal protection of permanent workers from dismissal. This finding suggests that, given regulatory inflexibility in adjusting the permanent workforce, firms responded to tightening financial constraints by disproportionately laying off temporary workers (who tend to be younger and less skilled than permanent workers).
