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ON THE NON-FULFILLMENT OF OBLIGATIONS UNDER COMMERCIAL CONTRACTS AND ITS CONSEQUENCES UNDER ROMANIAN LAW
Abstract
According to legal provisions laid down in article 1.350 of the Romanian Civil Code, any person bound by a contract must fulfill his obligations under that contract. The creditor is entitled to the full, exact and timely fulfilment of the obligations by the debtor based on the provisions of article 1.516 of the Romanian Civil Code. Also, according to the same legal provisions, unless performance is impossible, the creditor may still request that the debtor be compelled to perform the obligation in kind. As far as contractual obligations are concerned, the parties must comply with certain principles governing this activity, i.e. the principle of enforcing obligations in kind, the principle of mandatory performance and the principle of cooperation between the contracting parties in the performance of their obligations. Without claiming to analyze exhaustively the topic, the paper offers an overview of the legal framework, details the possibilities the parties have at the moment of concluding the contract in order to diminish the possible negative consequences.
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