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Examination of Party Autonomy and its limits has always raised fundamental questions in national contract and private law. The concentration on information solutions which enhance and leave more space to party autonomy is a fundamentally new approach to this core issue and is typical of Community legislation. The complexity of the question made it advisable to have the different aspects treated and discussed by specialists in different areas: by legal scholars and economists, by EC law and by contract law specialists, by scholars from different jurisdictions with different regulatory approaches and backgrounds. The four parts deal with (1) the economic and constitutionell foundations of the question, with (2) the framework to be found in EC treaty law, with (3) the fundamental and more general aspects relating to substantive EC contract law legislation, and with (4) the most important individual legal measures. The book covers both general contract law (with consumer contracts) and labour contract law.
Die Frage nach der Privatautonomie und ihren Grenzen spielt seit jeher eine bedeutende Rolle in den nationalen Vertrags- und Privatrechten. Auf europäischer Ebene dominieren Regeln, die zwar die Informationenpreisgabe zwingend vorschreiben, die Bestimmung des Vertragsinhalts dann jedoch wieder den Parteien überantworten. Dieses Grundsatzthema über Geist und Funktionieren des Binnenmarktes, mit dem nach einer möglichst weitgehenden Erhaltung von Freiheit bei gleichzeitiger Verbürgung der notwendigen Schutzziele gefragt ist, ist Gegenstand des vorliegenden Bandes. Es wird hier von Rechtswissenschaftlern und Ökonomen aus verschiedenen Mitgliedstaaten und den U.S.A. erörtert. Zentraler Betrachtungsgegenstand ist die Informationsregel und ihre Ausgestaltung. Insgesamt vereint der Band zweierlei, zum einen die Grundsatzdiskussion - rechtswissenschaftlich, europarechtlich und ökonomisch - zum Regelungsansatz im Recht des Binnenmarkthandels und zum wichtigsten Instrument, der Informationsregel mit ihrer freiheitserhaltenden Grundausrichtung. Andererseits bietet er eine dogmatische Aufbereitung wesentlicher Teile des Rechts des Binnenmarkthandels, des Europäischen Schuldvertragsrechts.
Provides an unprecedented historical, theoretical and comparative analysis and appraisal of party autonomy in private international law. These issues are of great practical importance to any lawyer dealing with cross-border legal relationships, and great theoretical importance to a wide range of scholars interested in law and globalisation.
1. 1 Investments, Generic Contracts, Payments According to Volume I, contracts are one of the five generic legal tools used to manage cash flow, risk, agency relationships, and information. Many investments are therefore based on one or more contracts. Obviously, the firm should draft good contracts. Good drafting can ensure the same intended cash flow with reduced risk. Bad drafting can increase risk. This volume attempts to deconstruct contracts used by non-financial firms and analyse them from a cash flow, risk, agency, and information perspective. The starting point is a generic contract, i. e. a contract which does not belong to any particular contract type (Chapters 2–7). This volume will also focus on payment obligations. Payment obligations are characteristic of all financial instruments, and they can range from simple payment obligations in minor sales contracts and traditional lending contracts (Chapters 8– 11). 1. 2 Particular Contract Types A number of particular contract types have been discussed in the other volumes of this book. (1) A certain party’s investment contract can be another party’s fu- ing contract. Particular investment contracts will therefore be discussed in Volume III in the context of funding. (2) Many contracts are necessary in the context of business acquisitions discussed in Volume III. (3) Multi-party contracts are c- mon in corporate finance. The firm’s contracts with two or more parties range from syndicated loans to central counterparties’ contracts. Such contracts will be discussed both in Chapter 12 and Volume III.
This comprehensive and essential Commentary examines both the origins and effect of the EU’s 2015 Payment Services Directive (PSD2). Addressing a significant gap in the available literature, the book is divided into two parts: Part I analyses the legislative provisions of the Directive, while Part II explores the PSD2 implementation experience in selected EU Member States as well as in the United Kingdom.
In Rethinking EU Consumer Law, the authors analyse the development of EU consumer law on the basis of a number of clear themes, which are then traced through specific areas. Recurring themes include the artificiality of the EU’s consumer image, the problems created by the drive towards maximum harmonisation, and the unexpected effects EU Consumer Law has had on national law. The book argues that EU Consumer Law has the potential of enhancing the protecting of consumers throughout the EU and could offer a model for consumer law elsewhere in the world, but in order to unlock this potential, there needs to be a rethink with regard to the EU’s approach to consumer law and policy.
To encourage cross-border transactions in the Single Market of the European Community, the Commission has proposed general framework legislation to set general standards that forbid unfair marketing practices towards consumers, thereby increasing consumer confidence when deciding whether or not to shop abroad in the Community, either in person or through modern methods of electronic purchasing through the Internet. The essays in this volume critically examine the proposed Directive that prohibits unfair commercial practices, and in particular they consider the potential legal and economic implications of a legal duty to trade fairly in the context of general contract law, the protection of consumers, and the needs of competition policy. The distinguished authors of these essays, from Finland, Germany, Italy, The Netherlands, Spain, and the United Kingdom, explain the different approaches of national legal systems to the legal regulation of marketing practices, and assess the compatibility of the proposed Directive with national law and its likely success in achieving the promotion of trade in the Single Market. About the authorHugh Collins is Professor of English Law at the London School of Economics. He studied law at Oxford and Harvard. He has published extensively in the field of contract law including The Law of Contract 4th ed (London, Butterworths, 2003), and Regulating Contracts (Oxford, Oxford University Press, 1999).
While the legal systems of the United Kingdom and Germany differ in essential respects, the current process of 'constitutionalisation' is well recognised on both sides of the Channel. 'Constitutionalisation' manifests itself in the evolution of a constitution and the influence of existing constitutional principles on the ordinary law. Human rights law provides one of the best examples of this process, and the aim of this book is to provide a comparative UK-German perspective on recent developments. First, it addresses human rights questions which arise in both jurisdictions in a similar way such as the tension between liberty and security, absolute rights such as human dignity and the prohibition of torture, and the question how conflicts between human rights are to be resolved and conceptualised. A second theme considers the impact of human rights on different areas of law, in particular administrative law, criminal law, labour law and private law generally. Finally, a third theme focuses on the intersection of national, supra- and international human rights law, in particular after the entry into force of the EU Charter on Fundamental Rights. The book thus reveals convergent and divergent answers to similar problems, examines differences in the impact of human rights on the legal systems under consideration, and traces parallel and distinct debates over and sensitivities about, human rights as well as sensitivities that arise in multi-layer situations in the UK and Germany.
This book examines the increasing role of the legal method of systematisation in European Union (EU) law. It argues that the legal method of systematisation that has been developed in a welfare-state context is increasingly used as a regulative tool to functionally integrate the market. The book uses the example of EU product regulation as a reference to illustrate the impact of systematisation on EU law. It draws conclusions from this phenomenon and redefines the current place and origin of systematisation in the EU legal system. It puts forward and demonstrates two main arguments. First, in certain sectors such as in EU product safety law, the quality of EU law changes from a sector-specific and reactive field of law to an increasingly coherent legal system at European level. Therefore, instead of punctual market intervention, it increasingly governs whole market areas. By doing so, it challenges and often fully replaces the respective welfare-based legal systems in the Member States for the benefit of the ideal of a market-driven EU legal system. Second, at European level, the ideal is in development. This illustrates the change of the function of Statecraft from nation-states to market-states.​
Speculation is rife on the origins of the worldwide financial crisis of 2008, with a preponderance focusing on alleged shortcomings in corporate governance. This book offers a distinct yet complementary perspective: that the most useful path to follow, if we want to understand what happened and forestall its happening again, is through an analysis of contract relationships - specifically, banking contracts entered into in the financial services sector, considered under the rubric of contract law rather than company law. Because banking is the area of European contract law which is most thoroughly developed, banking contracts can be seen as paradigmatic of typical assumptions and shortcomings often examined in the more general debate on contract law. And indeed, the very thoroughness of European banking contract law makes it a promising ground on which to build effective preventive measures. In this book thirteen noted scholars, recognizing that modern contract law must take into account global markets and risks, consider banking contracts within networks and within mass transactions. Always attending to the long-term relationships that characterize financial services contracts, they focus on such cross-sector issues as the following: rule-setting and the question of who should best regulate and at which level; networks of contracts as the backbone of a market economy; the complex interplay between market regulation and traditional contract law; avoiding erroneous assumptions about the future development of prices; the passing on of the risk via securitization; rating relationships affected by conflicts of interests; remuneration problems; core duties of information and advice in an agency relationship in services; fiduciary duties of loyalty and care; types of clients and level of protection; differentiation in information available on various markets; and the question of enforcement.