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Simple English definitions for legal terms
commissoria lex
Read a random definition: ordinary standing rule
A quick definition of commissoria lex:
Commissoria lex, also known as lex commissoria, is a term used in Roman law that allows a seller to cancel a sale if the buyer does not pay the agreed price on time. It can also refer to a clause in a pledge agreement where the creditor can obtain ownership of the pledged property if the debtor fails to pay the debt on time. This clause must be explicitly stated in the agreement. The term was abolished by a law in the time of Constantine as it was considered unjust and oppressive. In English law, a similar development occurred much later, and it was carried further than in Roman law.
A more thorough explanation:
Definition: Commissoria lex, also known as lex commissoria, is a term used in Roman law that refers to a clause in a contract of sale or pledge agreement that allows the seller or creditor to cancel the contract or obtain absolute title of the pledged property if the buyer or debtor fails to pay the agreed price or debt within the specified time.
Examples:
- A seller and buyer agree to a contract of sale for a piece of land. The contract includes a commissoria lex clause that states that if the buyer fails to pay the agreed price within 30 days, the seller has the right to cancel the contract and retain the land.
- A debtor and creditor enter into a pledge agreement for a valuable painting. The agreement includes a commissoria lex clause that states that if the debtor fails to pay the debt within the specified time, the creditor obtains absolute title of the painting.
These examples illustrate how commissoria lex works in practice. In both cases, the parties agree to a clause that gives the seller or creditor the right to cancel the contract or obtain absolute title of the pledged property if the buyer or debtor fails to pay within the specified time. This clause provides a form of security for the seller or creditor and ensures that they are not left with an unpaid debt or property that they cannot sell or use.