BEATING BANKS THROUGH KNOWLEDGE
Journal Title: Challenges of the knowledge society ( Provocari ale societatii cunoasterii ) - Year 2017, Vol 9, Issue 11
Abstract
In Romania, in the last decade, a significant number of solutions favorable to consumers with foreign currency denominated loans were obtained in courts against the banks or non-bank financial institutions. The judges noted the unfairness of the contractual terms inserted in the loans agreement and absolute nullity of these clauses. Also, in the context of the global economic and financial crisis triggered by the collapse of the banking system with the consequence of depreciation and/or sudden and high fluctuation of domestic currencies against the “safe-heaven currencies”, the theory of unpredictability becomes a particularly important institution. This paper deals with the concepts of „abusive clauses”, „unfair commercial practices” and „providing untruthful information to consumers to influence their choices”. It is also presenting a view of good faith and equity on the performance of contract and the “distribution of the risk” of the contract in the conditions of applying to the “unpredictability theory” in the context of terms of law doctrine and the relevant case law. The objective of this study is to demonstrate that by applying the theory of unpredictability to the occurrence of currency risk associated with loans in foreign currency and by subjecting to examination by court to the clauses whereby the consumer must assume the risk given by the changing of the circumstances of the execution of the contract can be obtain by the consumer or a rebalancing of the understanding of the parties or the cancellation clause which significantly unbalanced the consumer's obligation to bear any risk.
Authors and Affiliations
Monica CALU, Costel STANCIU
Keywords
Related Articles
- EP ID EP297011
- DOI -
- Views 119
- Downloads 0
ASPECTS OF ETHICAL MANAGEMENT IN TODAY'S EUROPEAN UNIVERSITIES
The present paper is a theoretical one. Firstly, this paper attempts to reveal to what extent the 21st century universities – with all the characteristics of this period - are concerned about ethical problems. And if uni...
JUSTICE AND EQUITY
Juridical principles have a privileged place within the positive juridical order, representing foundation of the legal edifice: they prove the continuity of law during the centuries and that is why here we have to dig in...
CONSIDERATIONS REGARDING THE CONDITION, AS A MODALITY OF THE LEGAL ACT
The provisions of the new civil code did not bring significant changes to the matter of modalities, instead they clarified some aspects, which in the past, due to lack of legislative clarification, could spark controvers...
UNIVERSITY TEACHERS’ ATTITUDES ABOUT UNETHICAL INFORMATION TECHNOLOGY USE: A REVIEW
Continuous confrontation with changes in technologies involves building new attitudes towards ethical issues of IT use. There is increased interest in investigating students’ attitudes towards ethical information technol...
VALUATION FOR BIOLOGICAL ASSETS WITH HISTORICAL COST ACCOUNTING OR FAIR VALUE ACCOUNTING ?
The valuation for biological assets is regulated by IAS 41. Interesting debate is what valuation models it is better to use: historical cost accounting or fair value accounting? I will discuss advantages and disadvantage...