Regulation of the Risk of Negative Occurrences at the Stage of Contract Performance –Reference to Economic Analysis of Law
Keywords:
Performance of a Contract, Economic Analysis, Behavioural Standard, Risk Allocation, Substantial Performance, Impossibility of Performance, Interpretation of a Contract.Abstract
This paper focuses on the determination of regulation of potential risks at the stage of contract performance during the development of law-of-obligations relations. It examines the allocation of risks related to the performance of obligation. The paper discusses approaches of Anglo-American (common law) and German legal systems; however, the leading role is accorded to economic analysis of law-of-obligations relations, which mainly concerns the determination of practical importance of legal regulation. Within the scope of this area of research, the paper offers an analysis of respective articles of the Civil Code of Georgia in conjunction with comparable or similar solutions of common law or German law systems.References
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