The Impact of Damage on the Annulment of Non-Binding Contracts: A Comparative Fiqh Study
DOI:
https://doi.org/10.35516/law.v50i4.3223Keywords:
Damage, annulment, contracts, bindingAbstract
Objectives: This study aimed to identify the impact of damage on the annulment of non-binding contracts via knowing the nature of these contracts and their characteristics. It also aimed to identify the penalty of annulling non-binding contracts.
Methods: This study used the inductive approach to navigate through the Fiqh books to unearth the aspects related to non-binding contracts. It also used the the analytical approach to analyze the scientific material as well as the comparative approach to peruse what Fiqh intellectuals contend and come to a final word about the topic in question. Then the study resorted to the deductive approach to contemplate the damage-induced annulment of non-binding contracts.
Results: The researchers in this study concluded that the two parties included in non-binding contracts are fully independent and free to annul the contract anytime. They also concluded that non-binding contracts have conditions which differ from one contract to another for them to be annulled.
Conclusions: The study shows that there is an evident impact of damage on non-binding contracts. It also recommends conducting further research pertinent to the impact of damage on the annulment of contracts, especially in contemporary contracts and their applications to contemporary financial transactions.
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Accepted 2023-05-11
Published 2023-12-01
