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19 results

Availability of Credit and Secured Transactions in a Time of Crisis
  • Edited by N. Orkun Akseli
  • Published online:
    05 December 2013
    Print publication:
    12 December 2013
  • In the light of the financial crisis, it has become clear that the globalisation of financial markets has not been matched by the globalisation of legal certainty relating to financial transactions. The ability to give security influences not only the cost of credit but also, in some cases, whether credit will be available at all. Increasing the availability and lowering the cost of credit can make an important contribution to international and domestic economic development. Assessing the international challenges posed by inefficient secured credit laws, this book explores how these can be overcome to facilitate credit through legal reforms. Leading authorities in the field address the key issues surrounding the availability of credit, the role of banks in economic development and financial crises, UNCITRAL's legislative efforts, and international organisations and financial institutions and their involvement in the reform of secured transactions law.

  • Securitisation, the Financial Crisis and the Need for Effective Risk Retention

  • Orkun Akseli
  • Journal:
    European Business Organization Law Review (EBOR) / Volume 14 / Issue 1 / March 2013
    Published online by Cambridge University Press:
    28 March 2013, pp. 1-27
    Print publication:
    March 2013

  • Securitisation is an important financing technique. Following the financial crisis, reform activities in relation to pitfalls of securitisation have been underway. In particular, following the financial crisis, a significant debate has raged globally about whether risk retention mechanisms before the crisis were effective. The idea is to align the incentives of originators/securitisers and investors in order to prevent the negative impact caused by the originate-to-distribute model. If the effective risk retention and due diligence goals are achieved, securitisation may continue to deliver its benefits to investors, and the full implementation of the reforms in the EU and the USA will act as a deterrent and inject confidence in the markets.

  • Art. 16 CISG–PECL, by Orkun Akseli [Turkey]

    • By Orkun Akseli, Attorney-at-law and member of the Izmir and Turkish Bar Associations; Lecturer in Law, University of Newcastle, England
  • Edited by John Felemegas, University of Technology, Sydney
  • Book:
    An International Approach to the Interpretation of the United Nations Convention on Contracts for the International Sale of Goods (1980) as Uniform Sales Law
    Published online:
    20 October 2009
    Print publication:
    08 January 2007, pp 301-307

  • Summary

    REVOCATION OF AN OFFER – CISG ARTICLE 16(1)

    Article 16 CISG of the U.N. Convention on Contracts for the International Sale of Goods (the Convention) and Article 2:202 of the Principles of European Contract Law (PECL) deal whether an offer is binding and when it is irrevocable.

    Both the Convention and the PECL distinguish between the revocation of an offer and the withdrawal of an offer. In the Convention, revocation of an offer that has reached the offeree and is effective is regulated by Article 16; withdrawal of an offer that has not yet reached the offeree is regulated by Article 15(2).

    Similarly, under the PECL, an offer becomes effective when it reaches the offeree (Article 1:303(2) and (6)), and a subsequent revocation of the offer is regulated by PECL Article 2:202. However, the offer may be withdrawn before it reaches the offeree. In that situation, it will not become effective (PECL Article 1:303(5)).

    There is divergence in the way in which different legal systems deal with the matter of revocation of an offer. In common law systems, the offeror, in the absence of consideration given by the offeree, has been granted the freedom to revoke the offer before the contract is concluded (e.g., in the case of written assent, before the offeree dispatches the acceptance), thus weakening the binding force of an offer.