Contract Law in Changing Times: Asian Perspectives on Pacta Sunt Servanda

The book "Pacta Sunt Servanda: Essays on the Principle of Contractual Obligation" explores the principle of pacta sunt servanda, which requires the honoring of valid agreements, and its exceptions in limited circumstances to avoid hardship and unfairness. Contributions from expert authors in East and Southeast Asia examine when domestic legal systems allow exceptions from the binding force of contracts, including impossibility, frustration, change of circumstance, force majeure, illegality, and rights of withdrawal. The book also considers the importance of the pacta principle in international law and the challenges posed by the COVID-19 pandemic.

Format: Paperback / softback
Length: 268 pages
Publication date: 30 December 2022
Publisher: Taylor & Francis Ltd

This collection of essays provides a comprehensive and up-to-date exploration of the principle of pacta sunt servanda, which holds that valid agreements must be honored. This principle is a fundamental cornerstone of contract law. Focusing on contributions from Asia, this book demonstrates that, despite its inherent and universal appeal, the pacta sunt servanda principle is neither absolute nor immutable. To prevent hardship and unfairness, exceptions to the binding force of contracts must be available in limited circumstances.

This book offers readers fresh comparative insights into the appropriate balance between contractual certainty and flexibility in an era of social instability. Expert authors, primarily from East and Southeast Asia, examine when their domestic legal systems permit exceptions from the binding force of contracts. Doctrines discussed include impossibility, frustration, change of circumstance, force majeure, illegality, as well as rights of withdrawal. Other chapters consider the importance of the pacta principle in international law. The challenges posed by the COVID-19 pandemic feature prominently in the majority of contributions.

The book is organized into five parts, each addressing a different aspect of the pacta sunt servanda principle. The first part provides an introduction to the principle and its historical origins. The second part explores the legal consequences of violating the pacta sunt servanda principle, including remedies such as damages and specific performance. The third part examines the role of the pacta sunt servanda principle in international law, including its application in disputes between states and multinational corporations. The fourth part discusses the challenges posed by modern technologies, such as blockchain and artificial intelligence, to the enforcement of contracts. The fifth part concludes with a reflection on the future of the pacta sunt servanda principle in the face of emerging trends and challenges.

Overall, this book is a valuable resource for scholars, practitioners, and policymakers interested in understanding the principles of contract law and their application in the modern world. It provides a comprehensive and interdisciplinary perspective on the pacta sunt servanda principle, which is essential for promoting stability, fairness, and efficiency in commercial transactions.

Weight: 521g
Dimension: 234 x 156 (mm)
ISBN-13: 9781032414867