Abstract

FRANCO ZARATE, Javier Andrés. Hardship in Commercial Contracts: An Approach from Colombian Civil and Commercial Case Law. Rev. Derecho Privado [online]. 2012, n.23, pp.233-265. ISSN 0123-4366.

Abstract The validity of the pacta sunt servanda principle makes compulsory for the parties to a contract to fulfil their obligations according to what was originally agreed by them. However, given the significant - and sometimes sudden and unforeseeable - changes that could occur in the economy, the discussion of whether the parties should be absolutely tied by what they have initially agreed in a contract has increased in recent years. Accordingly, it has been said that a judge could do revision of the contract in case of "hardship". The author purports to study the evolution and requirements of said institution in Colombian civil and commercial case law, and also to analyse the powers the local judge has to modify the contract in application of Art. 868 of the Colombian Commercial Code.

Keywords : Hardship; impossibility of performance; contract readjustment; contract modification; frustration of contract.

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