MODIFICATIONS OF LEGAL TRANSACTIONS

Abstract

The paper examines the various types of modifications of legal transactions such as conditions,
terms and special stipulations. Conditions as future and uncertain circumstances have various
effects on the legal transaction depending on the type of condition (suspensive (precedent) or
resolutive (consequent), positive or negative, causal, potestative or combined). The effect of the
conditions also differ in different points in time such as the time before the fulfillment of the
condition, the time after the fulfillment of the condition and the time when it becomes certain
that the condition won’t be fulfilled. All such effects are presented and analyzed in the paper.
Terms, unlike conditions, are certain and determined periods of time that suspend or terminate
the legal transaction. The paper analyzes the legal effect of terms over legal transactions and to
what extent the provisions of the Law of Obligations regulating conditions are applicable to
terms. The question of computation of terms is also being analyzed as one of the important
aspects of their fulfillment. Special stipulations as duties directed to one of the parties in a legal
transaction are analyzed throughout the scope of the two general laws – the Law on Obligations
and the Inheritance Law.