LAW OF OBLIGATIONS AND CONTRACTS - LAW OF OBLIGATIONS AND...

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LAW OF OBLIGATIONS AND CONTRACTS Incl. the denomination of 5 July 1999 Corr. SG. 2/3 Jan 1950, prom. SG. 275/22 Nov 1950, amend. SG. 69/28 Aug 1951, amend. SG. 92/7 Nov 1952, amend. SG. 85/1 Nov 1963, amend. SG. 27/3 Apr 1973, amend. SG. 16/25 Feb 1977, amend. SG. 28/9 Apr 1982, amend. SG. 30/13 Apr 1990, amend. SG. 12/12 Feb 1993, amend. SG. 56/29 Jun 1993, amend. SG. 83/1 Oct 1996, amend. SG. 104/6 Dec 1996, amend. SG. 83/21 Sep 1999, amend. SG. 103/30 Nov 1999, amend. SG. 34 25 Apr 2000., suppl. SG. 19 28 Feb 2003., amend. SG. 42 17 May 2005., amend. SG. 43 20 May 2005., amend. SG. 36 2 May 2006., amend. SG. 59 20 Jul 2007., amend. SG. 92 13 Nov 2007., amend. SG. 50/30 May 2008 Art. 1. (Repealed, SG No. 12/1993) GENERAL PART I. PRINCIPAL RULES Art. 2. (Repealed, SG No. 27/1973) Art. 3. (Repealed, SG No. 12/1993) Art. 4. (Repealed, SG No. 12/1993) II. SOURCES OF OBLIGATIONS 1. ACTS ON NATIONAL ECONOMY PLANNING AND REGULATION Art. 5. (Repealed, SG No. 12/1993) Art. 6. (Repealed, SG No. 12/1993) Art. 7. (Repealed, SG No. 12/1993) 2. CONTRACTS A) CONCLUSION OF CONTRACTS Art. 8. (Amended, SG No. 12/1993) A contract is an agreement between two or more persons for establishing, settling or terminating a legal relationship between them. Persons shall use their rights to satisfy their interests. They shall not be entitled to exercise these rights if they contravene the interests of society. Art. 9. (Amended, SG No. 12/1993) The parties are free to determine the content of the contract insofar as it does not contravene the mandatory provisions of both the law and good morals. (Par. 2 repealed, SG No. 12/1993) Art. 10. (Par. 1 repealed, SG No. 83/1999, effective date 1 Jan. 2000) Interest rates agreed shall not exceed the rate set forth by the Council of Ministers. Should the rate agreed be higher, it is reduced ex jure to the one set forth as aforesaid. Interest charged on overdue interest shall be determined in compliance with Bulgarian National Bank regulations. Art. 11. (Repealed, SG No. 12/1993) Art. 12. (Amended, SG No. 12/1993) The parties shall act in good faith in conducting negotiations and concluding contracts. Otherwise they shall be liable for damages. Art. 13. The offeror shall be bound by the offer until the expiration of the time period either specified therein or usually required under the specific circumstances for the acceptance to reach the offeror. If an offer is withdrawn, it shall have no effect if the withdrawal reaches the offeree earlier or at the same time as the offer.
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In case no time period for acceptance has been specified, an offer made to a person present shall lose its force if it is not accepted immediately, whereas an offer made to a person who is not present shall lose its force after the expiration of a period of time normally needed for the acceptance to reach the offeror under the specific circumstances. An acceptance shall have no effect in case the withdrawal reaches the offeror earlier or at the same time as the acceptance. If it is evident that a delayed acceptance has been sent on time, the contract shall be regarded as being concluded unless the offeror immediately notifies the offeree that he considers such an acceptance as being overdue.
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  • Summer '15
  • sirjames
  • Art., SG No.

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