THE”PACTA SUNT SERVANDA” PRINCIPLE AND THE”REBUS SIC NON STANDIBUS” RULE IN COMPLYING WITH THE CONTRACTUAL OBLIGATIONS. THEORY OF IMPREVISION

According to the principle of the binding force of the contract, the contract validly entered into has the force of law between the contracting parties, so they are bound to fulfil their contractual obligations undertaken when signing the contract. Yet, there are certain exceptions of extension or restriction from this principle, affecting the principle of binding force of the contract. By the Civil Code of 2009, in force since 1 October 2011, the legislature expressly covered the "imprevision" as exception from the binding force of the contract. In this thesis, we shall analyse the conditions under which the theory of imprevision operates, trying to draw the attention on the rules given in art. 1271 of the Civil Code, underlining the matters considered to be relevant in this matter.