The term “lex commissoria” is a Latin phrase that refers to a “forfeiture clause” or “cancellation clause.” In Roman law, it served two purposes: firstly, in a sales contract, it granted the seller the right to cancel the sale if the buyer failed to make the agreed-upon payment on time. Secondly, in a pledge agreement, it allowed the creditor to become the full owner of the pledged property if the debtor did not repay the debt on time. This clause had to be explicitly included in the contract and was abolished by a law enacted by Constantine due to its perceived unfairness and oppressive nature.
Lex commissoria, a Latin term meaning “forfeiture clause” or “cancellation clause,” was utilised in Roman law to refer to a provision in a contract of sale or pledge agreement that allowed the seller or creditor to terminate the contract if the buyer or debtor did not meet their payment obligations on time. For instance, a seller of real estate could include a lex commissoria clause in the sale contract, granting them the right to cancel the contract if the buyer failed to pay the agreed price within the specified timeframe. Similarly, a creditor could include a lex commissoria clause in a pledge agreement, giving them the right to take possession of the pledged property if the debtor did not fulfil their debt payment obligations. These examples demonstrate how lex commissoria was used in Roman law to safeguard the interests of sellers and creditors by providing them with the ability to cancel a contract or take possession of property if the buyer or debtor failed to fulfil their obligations.
– Lex Commissoria is a legal term that refers to a clause in a contract that allows for the termination of the contract if certain conditions are not met within a specified time frame.
– It depends on the jurisdiction and the specific terms of the contract. In some cases, Lex Commissoria clauses may be deemed unenforceable if they are found to be unfair or unreasonable.
– Typical conditions that trigger Lex Commissoria include non-payment, failure to deliver goods or services, or breach of other contractual obligations.
– Yes, parties to a contract can agree to waive or modify the Lex Commissoria clause as part of their negotiations.
– If the conditions for termination are met, the contract is considered terminated and the parties are no longer bound by its terms.
– Yes, a party may challenge the enforcement of Lex Commissoria if they believe it is being used unfairly or in bad faith.
– It is important to ensure that the inclusion of Lex Commissoria in a contract complies with the relevant laws and regulations in the jurisdiction where the contract will be enforced.
– The potential consequences of including Lex Commissoria in a contract include the risk of contract termination if the specified conditions are not met.
– Yes, Lex Commissoria can be included in employment contracts to specify conditions for termination of the employment relationship.
– It is important to seek legal advice when drafting or reviewing a contract with a Lex Commissoria clause to ensure that it is fair and reasonable for all parties involved.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 16th April 2024.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
- Page URL:https://dlssolicitors.com/define/lex-commissoria/
- Modern Language Association (MLA):Lex Commissoria. dlssolicitors.com. DLS Solicitors. May 09 2024 https://dlssolicitors.com/define/lex-commissoria/.
- Chicago Manual of Style (CMS):Lex Commissoria. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/lex-commissoria/ (accessed: May 09 2024).
- American Psychological Association (APA):Lex Commissoria. dlssolicitors.com. Retrieved May 09 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/lex-commissoria/
Our team of professionals are based in Alderley Edge, Cheshire. We offer clear, specialist legal advice in all matters relating to Family Law, Wills, Trusts, Probate, Lasting Power of Attorney and Court of Protection.
All author posts