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An Introduction to Legal Theory (Fundamental Legal Notions and Concepts)

Author(s): Dilyan Nachev / Language(s): English Publication Year: 0

This Chapter’s main purpose is to outline and present the basic features of some of the most fundamental legal concepts. It starts by offering a definition of Law and distinguishing it from other similar social phenomena and then attempts to draw up a simple mind map of various legal notions and their theoretical and practical manifestations.

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Brief Overview of the Contract – Formation, Content and Types

Author(s): Hristina Tancheva / Language(s): English Publication Year: 0

The contract is the most important source of rights and obligations in the field of civil law. It is a legally binding agreement that may be enforced by law in case of breach. The parties are free to negotiate and conclude a contract that meets their interest as the process of conclusion includes an offer and acceptance. The parties must negotiate in good faith as they are not obliged to accept the offer but once the agreement is concluded it is binding for them and cannot be amended or terminated unilaterally unless the law or the contract provides otherwise. Most of the contracts are informal and can be concluded orally without written document or notary certification. However, in certain cases the law provides for a specific form of the agreement and if it is not met the contract is invalid. We also have real contracts where in addition to the agreement, delivery of an item is required.

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The Contract Lifecycle – Performance and Remedies for Breach

Author(s): Hristina Tancheva / Language(s): English Publication Year: 0

Following conclusion of an agreement the parties must execute their obligations accurately and in good faith according to the provisions of the contract and the legal rules concerning the time of performance, place of performance, etc. In case of breach, the creditor has various remedies at his or her disposal – to claim performance plus damages for the delay, to claim compensation for non-performance, to terminate the contract (rescission), to withhold his or her own performance until he receives counter-performance in a bilateral contract and so on. When the debtor is in default, the creditor may claim pecuniary and non-pecuniary damages if suffered, or liquidated damages if stipulated in the contract. In the case of delayed monetary obligations, legal interest will accrue. The creditor is also obliged to act in good faith and cooperate in the execution of the obligation, if not mora creditoris occurs.

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Void and Voidable Contracts under Bulgarian Civil and Commercial Law: a Brief Note

Author(s): Irina Bogdanova / Language(s): English Publication Year: 0

This chapter deals with various grounds on which a contract or other juridical act may be void or voidable and provides a brief overview of the general rules of invalidity of contracts in Bulgarian law. Special attention is paid to the vices of consent and some of their legal effects, as well as to the few ‘means’ provided in the law, allowing to ‘save’ a void or voidable contract from the consequences of invalidity, primarily by conversion, performance, ratification and partial invalidity. Beyond the scope of this chapter are some other effects of invalidity of contracts such as the possibility of obtaining damages whether or not the contract is voided, of converting an invalid act into a valid one or of ratifying voidable contracts, which are briefly mentioned at the end of this exhibition. Problems concerning restitution because of the invalidity of juridical acts are also beyond the boundaries of the present report and are outlined only in general terms.

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The Fundamentals of Secured Obligations

Author(s): Hristina Tancheva / Language(s): English Publication Year: 0

Securities serve to guarantee the performance of monetary or non-monetary obligations (contractual or extra-contractual). Depending on the way the interests of the creditor are guaranteed, securities can be personal – another person is liable to the creditor together with the debtor (surety, joint and several liability, bank guarantee), and real – the obligation is guaranteed with a particular movable (pledge) or immovable (mortgage) asset. Pledged property will be delivered to the creditor by general rule, although there are also registered pledges that are established without providing possession of the pledged property, but through the conclusion of a formal contract and its registration in the Central Pledge Register or into another register provided by law. A mortgage is established upon contract conclusion in the form of a notary deed and its entry in the Property register.

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Functional Approach to Time Limits in Civil and Commercial Law. Extinctive Prescription: Surveying the Landscape

Author(s): Irina Bogdanova / Language(s): English Publication Year: 0

This paper aims to explain the concept of ‘time limit’ or ‘term’ in civil law traditions with a focus on the limitation of actions, also known as ‘extinctive prescription’ in civil law jurisdictions such as Bulgaria. The initial section of the chapter delves into the various meanings of the word ‘term’, which include an additional clause to the juridical act that forms the ‘accidentalia negotii’ of the contract, an expression or determination of time, and a period for the extinction of a right or its acquisition. The chapter then briefly compares the acquisition of title to property due to the lapse of time (known as ‘acquisitive prescription’) to the loss of a right resulting from the passage of time (known as ‘extinctive prescription’). The second portion of the paper is exclusively focused on extinctive prescription, starting with its historical origins and legal effects, including the underlying policy considerations for its existence, as well as a comparative perspective and its specific application under Bulgarian civil law. At the end of the exhibition, special attention is paid to the length of different delays, general rules on the commencement of prescription, and the ‘interruption’ and ‘suspension’ of extinctive prescription and their effect.

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General remarks on Agency in Civil and Commercial Law

Author(s): Irina Bogdanova / Language(s): English Publication Year: 0

This chapter aims to present the main features of agency as a legal mechanism and the ‘authority’ of one person – the representative – to affect the principal’s legal position. After a brief historical review, the term of ‘agency’ is defined as the ability of one person to perform legal acts on behalf of another person with a direct effect on the represented person, i.e., the principal. The topic of representative authority and the different types of agency is addressed, with a particular focus on voluntary representation and the legal effects of the power of attorney. Additionally, the issues that arise from self-contracting, acting to the detriment of the principal, and delegation of authority are also discussed.

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Some Issues of Contemporary Company Law in Bulgaria

Author(s): Savina Mihaylova-Goleminova / Language(s): English Publication Year: 0

This chapter presents in a nutshell some issues related to contemporary company law and corporate governance in Bulgaria, different types of companies according to current Bulgarian legislation, including the establishment and the closure of companies, their status and corporate functioning, bankruptcy, liquidation, investment legislation, and other issues.

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Corporate Governance and ESG Standards

Author(s): Marina Stefanova / Language(s): English Publication Year: 0

This chapter presents an overview of some issues related to corporate responsibility and sustainability, and more specifically, to the recent European developments regarding strategic management and reporting. The aim is to help corporate governors, members of C-Suites, and investor relations directors and stewards to understand the content of the concept for ‘corporate social responsibility (CSR) practices’ and their usefulness. The principles of modern corporate governance will be examined and how they correlate with the operations, value creation and reporting of individual corporate governance bodies. Finally, the theory of corporate sustainability will be illustrated by the newest ESG standards, KPIs, reporting requirements and standardized measurements.

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Commercial Transactions. Legal Framework, Concept, Types. Abuse of Rights

Author(s): Ivan Ruschev / Language(s): English Publication Year: 0

This chapter presents the legal framework of commercial transactions. The issue of legal sources (laws, commercial customs, international treaties, decisions of the Constitutional Court and those of the Supreme Court of Cassation) is discussed. Attention is drawn to the concept of commercial transaction, the types of commercial transactions and the correlation between civil and commercial transactions. The issues of the regulation and the nature of abuse of rights as well as the legal consequences of such abuse are also examined.

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Conclusion of Commercial Transactions

Author(s): Ivan Ruschev / Language(s): English Publication Year: 0

This chapter discusses the general conditions of commercial transactions and the parties thereto. It also reviews the ratio between the two legal arrangements given in the law of obligations, as part of general civil law and as part of commercial law, relating to each other as ‘general’ to ‘special regulation’. The issue of the concept of commercial transaction, factual composition of the conclusion of the transaction, the binding force of the offer, and the form of the commercial transaction are presented. Additional acts of the parties or of third parties in connection with the conclusion of a commercial transaction, hardship and cases of transaction confirmation are also examined in this part of the Handbook.

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Bird View on Bulgarian Property Law

Author(s): Georgi Spasov / Language(s): English Publication Year: 0

This chapter presents in a nutshell some issues related to property law, the basic legal framework, including core concepts such as title, possession, usage, easement. Limited rights in real estate, co-ownership and joint ownership of common sites, public and private property are also reviewed. State and municipal property are highlighted, including exclusive public property. A brief introduction is made into issues such as zoning regulations and restrictive requirements, as well as transactions in real estate – objects forms, perfection, etc.

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Bulgarian Competition Law in a Nutshell

Author(s): Georgi Spasov / Language(s): English Publication Year: 0

This chapter presents some basic issues related to the Competition Law at both European and national level, including legal framework, institutional framework of European and national authorities, prohibited agreements, acting in concert, leniency, monopoly and dominance, abuse of market standing, mergers and merger permits, mandatory filing, unfair competition and related breaches are reviewed. Some other matters are also presented such as agricultural and food products chain breaches, competition advocacy, sectoral analyses, challenging decisions of the national regulator and of the European Commission, etc.

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Public Procurement – European and National Legal and Institutional Framework: Basic Concepts

Author(s): Mario Milov / Language(s): English Publication Year: 0

This chapter presents information on the overall process of public procurement (forecasting, planning, preparation, procurement and appeals), not claiming to be exhaustive and comprehensive, but aiming to present the norms in action and provide an idea of how the abstract rules for procurement manifest in practice, what challenges and what paths are considered to be in line with the law by contracting authorities, who are called upon to protect legal order in the spending of public funds. It must be noted that skills, and not so much knowledge itself, can make the difference in overcoming the challenges that may be faced by those professionally involved in procurement matters. This in turn can result in increased personal expertise and, more broadly, to meeting the objective of lawful but efficient use of public resources.

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Bulgaria’s Accession to the Eurozone

Author(s): Magdalena Vlahova-Veleva / Language(s): English Publication Year: 0

This chapter presents the key aspects of the Bulgarian path towards the eurozone. Article 140 of the c (TFEU), one of the two treaties establishing the constitutional basis of the European Union, sets out the convergence criteria to be met prior to euro adoption. The latter include the criterion for price stability, the criterion on a sustainable government financial position, criterion on exchange rate levels and criterion on long-term interest-rate levels. Moreover, the compatibility of national legislation with EU law, including the statutes of national central banks, also needs to be examined. The fulfilment of these conditions is assessed every two years or at a request of a member state, as the EC and the ECB issue convergence reports. The process of transition to the third stage of the economic and monetary union includes joining Exchange Rate Mechanism II, the attainment of the respective post-commitments, the establishment of a Coordination Council for preparation of Bulgaria for eurozone membership, the elaboration of a National Euro Changeover Plan, the drafting and adoption of an Act to regulate the adoption of the euro in the Republic of Bulgaria and other important activities related to the process of preparation for eurozone membership.

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Strategic Documents in the Field of Circular Economy. Funding Opportunities

Author(s): Mario Milov / Language(s): English Publication Year: 0

The circular economy is a sustainable alternative that aims at economic growth and environmental protection at the same time. Its model attempts to extend the life cycle of products. In practice, this means sharing, borrowing, reusing, repairing and recycling existing materials and products for as long as possible. When a product reaches the end of its life, the materials that make it up continue to have other uses. This can be repeated over and over again, thus minimising waste disposal. The increasing consumption of resources and the environmental consequences it causes require a change in the economic model. The concept of a circular economy is part of this change. Its notion is built in opposition to the traditional linear model, where raw materials are used to make things and products which are then consumed and the leftovers thrown away. This model relies on large quantities of cheap and available materials and energy sources.

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Shared Management of EU-backed Financial Instruments in Cohesion Policy. Combination of Support: Grants and Financial Instruments – a Step Backward or a Watershed Moment for Cohesion Policy Financial Instruments?

Author(s): Iva Petkova / Language(s): English Publication Year: 0

This chapter examines the growing role of the Cohesion policy of the European Union and its evolvement from a redistribution mechanism in the 1980’s to the main investment policy of the Union 20 years later. Special attention is paid to its ability to cope with multiple crises and to the dynamics in its delivery mechanisms in a shared management context – the change in the rationale from alternative use between grants and financial instruments (FI) to their combination. The main focus of the chapter is the proposed combination of financial instruments (FI) with grants, allowed under Article 58(5) of the Common Provisions Regulation 2021/1060, and its potential implications for the 2021–27 programming period. Is this a step backward or a breakthrough moment for the deployment of FI under the Cohesion policy, having in mind its new digital and green dimensions?

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Green Claims and Greenwashing by Financial and Non-Financial Undertakings. Sustainable Constructions

Author(s): Julia Jarova / Language(s): English Publication Year: 0

This chapter examines the legal phenomenon of ‘green claims’, ‘sustainability-related claims’ and greenwashing as phenomena emerging in the transition to a sustainable economy. The analysis identifies the key role of sustainable finance in the green transition in the context of greenwashing risks. The chapter also reviews the Taxonomy-eligibility assessment. It examines the legal framework regulating green claims, ‘sustainability‐related claims’, ‘sustainability-related disclosures’ and greenwashing, as well as legislative initiatives. It also provides a high-level review of the criteria for sustainable financing in the real estate sector.

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Criminal Law – Basic Concepts and Institutes. Individual Types of Crimes. Criminal proceedings

Author(s): Nikoleta Kuzmanova,Kiril Kamenov / Language(s): English Publication Year: 0

This chapter presents in a nutshell some issues of criminal law. The basic concepts, institutes, individual types of crimes and criminal proceedings are presented based on the legislation in force. Criminal law is presented as a branch of the Bulgarian legal system.

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Artificial Intelligence Regulations

Author(s): Dimitar Elkov / Language(s): English Publication Year: 0

The present chapter presents current trends in the field of the advancement of artificial intelligence (AI). AI poses unprecedented legal challenges, necessitating proactive regulatory intervention. This chapter analyses AI regulation trends, emphasising the crucial need for robust ethical standards, transparency, and accountability frameworks in AI development and utilisation. By integrating legal principles, historical trends, research, and technical aspects, the analysis advocates for comprehensive regulatory systems capable of effectively addressing AI-related challenges while fostering innovation and public welfare in the digital age. The European Union’s proactive approach to AI governance is also reviewed.

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