Elimination of the Impacts of Financial Crisis on Legal Relationships According to Czech Private Law

The growing interconnectedness of global economies helped to spread the effects of the financial crisis to many different areas of human life. Among many other things, it also effected the civil law relationships. In this paper, the author introduced several areas of Czech civil law which had to reflect the circumstances brought about by the financial crisis. This paper investigates the “change of circumstances” which may lead to termination or alteration of an existing legal relationship according to Czech law. Considering the possibilities that law offers to the contractual parties heavily affected by financial crisis, the author reminds us that the effects of financial crisis on private-law relationships should be considered especially with solidarity in mind.Kapitola se zabývá otázkou finanční krize a možnosti práva jakožto normativního systému omezit vliv finančních krizí na společenskou realitu.The growing interconnectedness of global economies helped to spread the effects of the financial crisis to many different areas of human life. Among many other things, it also effected the civil law relationships. In this paper, the author introduced several areas of Czech civil law which had to reflect the circumstances brought about by the financial crisis. This paper investigates the “change of circumstances” which may lead to termination or alteration of an existing legal relationship according to Czech law. Considering the possibilities that law offers to the contractual parties heavily affected by financial crisis, the author reminds us that the effects of financial crisis on private-law relationships should be considered especially with solidarity in mind