Italian Courts and Credit Rating Agencies

False (B)

The plaintiffs alleged a conflict of interest, claiming the CRA knowingly avoided a downgrade despite Lehman Brothers' dire financial situation to prevent exacerbating its collapse.

<p>negligent</p> Signup and view all the answers

<p>Court of Rome = Classified ratings as subjective opinions and dismissed the claim against the CRAs. Court of Catanzaro = Alleged a conflict of interest between the CRA and Lehman Brothers, claiming a deliberate avoidance of a downgrade.</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Assessing the financial impact of the ratings on the market. (C)</p> Signup and view all the answers

<p>The Court of Rome (7 January 2012) and the Court of Catanzaro.</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Nullity is only applicable to violations of rules governing the contract's validity, not its conduct. (B)</p> Signup and view all the answers

<p>A worker performing tasks for a company without a formal employment contract. (A), Two individuals informally agreeing to share household expenses. (B)</p> Signup and view all the answers

<p>Civil remedies (damages, annulment, termination) and administrative sanctions.</p> Signup and view all the answers

<p>one year</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Sale of goods or services to consumers = Crucial precontractual information duties Transactions where consumers are at a significant information disadvantage due to technical means used for the contract = Crucial precontractual information duties Transactions where consumers are at a significant information disadvantage due to physical distance between the consumer and professional = Crucial precontractual information duties Transactions where consumers are at a significant information disadvantage due to the complex nature of the transaction = Crucial precontractual information duties</p> Signup and view all the answers

<p>The ambiguity stems from the fact that these relationships produce contractual legal effects but lack a formal contract, leading to confusion about their legal classification.</p> Signup and view all the answers

<p>Article 1173</p> Signup and view all the answers

<p>The geographical location of the consumer (A), The complexity of the transaction (C)</p> Signup and view all the answers

<p>The Draft Common Frame of Reference (DCFR)</p> Signup and view all the answers

<p><em>De facto</em> contractual relationship = A legal relationship arising from a formal agreement between parties. Contract = A relationship with contractual legal effects despite the lack of a formal agreement. <em>Quasi-contract</em> = A legal obligation arising from certain situations that do not fit the definition of torts or contracts, such as unjust enrichment. Tort = A civil wrong that results in harm to another person or their property.</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Arising naturally from interaction between individuals. (D)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>The concept reflects an emphasis on free law over written law, which allowed for more flexibility in adapting to societal needs and legalizing interests that served the convenience of a state, such as Nazi Germany.</p> Signup and view all the answers

<p>Effective, proportionate, and dissuasive (C)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>The safeguard clauses aim to prevent traders from avoiding or modifying the application of precontractual information requirements to the consumer's detriment, ensuring consumer protection.</p> Signup and view all the answers

<p>compensation</p> Signup and view all the answers

<p>Total price and additional charges = Article 14 Availability of alternative dispute resolution mechanisms = Article 16 Trader's identity and address = Article 15 Main characteristics of goods, digital content, or related services = Article 14 Contractual terms = Article 16 After-sales services, commercial guarantees, and complaint handling = Article 16</p> Signup and view all the answers

<p>All relevant information about the goods or services, including their main characteristics, price, and terms (A)</p> Signup and view all the answers

<p>All of the above. (D)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Consumers can delay their consent to the contract until they receive proper notice with the necessary information and potentially seek compensation for any harm caused by the breach.</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>CRAs are responsible for evaluating and assessing data from issuers, auditors, and financial intermediaries to determine creditworthiness and issue ratings.</p> Signup and view all the answers

<p>computer</p> Signup and view all the answers

<p>Techfin = The convergence of technology and finance. Fintech = Financial technology, encompassing innovative applications and processes. Digitization = The conversion of analog information into digital format. Automation = The use of technology to perform tasks automatically. Artificial intelligence = The ability of machines to perform tasks that typically require human intelligence.</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Key advancements include electronic payments, digital contracts, blockchains, and cryptocurrencies.</p> Signup and view all the answers

<p>Traditional mail services. (A)</p> Signup and view all the answers

<p>De facto contractual relations are legally binding, while gentlemen's agreements are not. (A)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>An open system is adaptable to modern needs and focuses on legal evolution, while a closed system prefers rigid and formalized structures.</p> Signup and view all the answers

<p>non-contractual</p> Signup and view all the answers

<p>Gentlemen's agreements = Lacking legally binding obligations De facto contractual relations = Create legally binding obligations, even without a formal contract Contracts = Formal agreements with legally binding obligations</p> Signup and view all the answers

<p>A positive obligation requires active collaboration to fulfill another's expectation, unlike a general duty which focuses on avoiding harm.</p> Signup and view all the answers

<p>It involves a formal, legally binding contract. (D)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

A general duty to harm no one in legal relations.

Informal arrangements without binding legal obligations.

The requirement to actively fulfill another party's expectations.

Legal relations that arise from facts, not formal contracts.

Approach that starts with real conditions to determine contracts.

A flexible legal structure that evolves with societal needs.

A rigid contractual approach that resists change.

The aspect of relations that exist without formal contracts.

The difficulty in categorizing certain legal scenarios due to evolving interpretations.

An ideological approach prioritizing flexible legal principles over strict textual rules.

Broad legal concepts used instead of strict textual interpretation, promoting flexibility in law.

A categorization of legal relationships, reflecting the ideological context of its time.

Includes other acts capable of producing obligations beyond contracts or torts.

Everyday interactions creating obligations that may resemble contractual relationships.

The lack of clear definition in terms like 'de facto contractual relationship' due to informal nature.

A hyperlink or website details must be provided for CESL access.

Penalties for breaches must be effective, proportionate, and dissuasive.

Rules governing information disclosure before contracts are formed.

Traders must disclose main characteristics, prices, and terms to consumers.

Regulations prevent traders from evading precontractual information requirements.

Concealing information breaches the principle of good faith.

Consumers can seek compensation for damages due to information breaches.

Consumers may delay consent until proper notice is provided after breaches.

Requests for damages made by investors due to losses linked to credit ratings.

Recent legal shifts holding Credit Rating Agencies (CRAs) accountable for negligence or fraud.

The legal obligation to prove the allegations in a claim, often challenging for investors.

The debate on whether CRA ratings are unbiased recommendations or mere personal opinions.

The challenge in proving a direct relationship between CRAs' conduct and investor damages.

A significant case where a court classified CRA ratings as subjective opinions dismissing investor claims.

A case reflecting investors claiming damages due to a CRA's favorable rating amidst a conflict of interest.

A situation where CRAs may have competing interests affecting their ratings, specifically noted in CRAs for Lehman Brothers.

Breaches of conduct do not void contracts unless specified by law.

Italian Civil Code article that limits nullity to non-compliance with intrinsic contract validity rules.

Consequences for breaches include damages, annulment, or administrative sanctions, but not nullity.

Framework addressing precontractual information obligations and consumer remedies in contracts.

Situations where consumers lack important information, often in complex or distant transactions.

Consumers can withdraw from certain contracts up to one year if they were poorly informed.

Methods or tools used in contracts that may create information imbalances.

Organizations that evaluate and assign ratings to debt securities based on creditworthiness.

A principle where a party may be held liable based on their share of fault in an incident.

The significant role of CRAs in influencing investor decisions during financial downturns.

Models that blend technology with financial services reshaping the economy.

The process of converting analog information into a digital format for easier access and use.

Self-executing contracts with terms directly written into code, running on a blockchain.

Economic exchanges that occur in digital spaces rather than physical locations.

The proposed amendment to recognize internet access as a basic human right for information dissemination.