The nullity of the transaction due to the lack of form - the exception under article 293(3) of the commercial act
Journal Title: Globalization, the State and the Individual - Year 2017, Vol 2, Issue 14
Abstract
The general rule set in Article 26, paragraph 2 of the Obligations and Contracts Act (“OCA”), that the transaction is void when the form of validity is not obse- rved, also applies to the commercial transactions under Article 288 of the Com-mercial Act (“CA”), taking into account, of course, the special rules and objectives of commercial law. Apart from that, the sanction for a void transaction due to the lack of form ad solemnitatem is provided for in Article 293(2) CA. An important exception to this rule, however, is contained in Article 293(3) CA, according to which the party cannot rely on the nullity if it can be inferred from its conduct that it did not contest the validity of the action/statement.
Authors and Affiliations
Ivan Ruschev
Keywords
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