Archive
Comprehensive changes in the Bankruptcy Act
15.01.2010
On 1 January 2010, a number of major amendments to the Bankruptcy Act entered into force. The amendments aim at clarifying and changing several important issues relating to bankruptcy proceedings. Below you find a summary of few of the amendments.
The Supreme Court provides explanations on the unilateral termination of contracts
15.01.2010
The Civil Chamber of the Supreme Court has, in its judgment no. 3-2-1-143-09 of 22 December 2009, analysed the issue of the unilateral termination of contracts. A party to a contract can terminate an obligation arising from the contract by a unilateral declaration of intention above all if the other party breaches the contract. If a party wishes to escape from a contract by a unilateral declaration of intention due to a breach by the other party, the party can withdraw from the contract or cancel the contract both in part or in full. However, the legitimate interest of the other party in the continuation of the contract must be taken into account and the party can be allowed to unilaterally terminate the rights and obligations arising from the contract only to the extent strictly necessary. If contractual obligations are to be performed in parts and fundamental breach of contract is committed only with regard to one obligation or some obligations or one part or some parts thereof, the injured party may withdraw from the contract only with regard to such obligation or part of an obligation. The injured party may withdraw from the entire contract only if the party is justifiably not interested in partial performance or if the breach is fundamental with regard to the contract as a whole.
The Supreme Court explains the notion of a consumer surety
15.01.2010
The Civil Chamber of the Supreme Court has, in its judgment no. 3-2-1-126-09 of 8 December 2009, explained the concept of a consumer surety. Such a surety can only be given by a consumer who enters into a transaction outside the scope of his independent business or professional activities. A consumer is each natural person to whom goods or services are offered or who acquires or uses goods or services for purposes not related to his business or professional activities.
