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of Appeals. These conditions are enumerated in the preamble of the
New CoO. In addition, the aforesaid article states that the debtor has two
options: Either he may demand the adaptation of the agreement to the
circumstances, or in case it is not possible, he may exercise its right of
termination. Thus, concerning the cases in which the adaptation is not
possible, the debtor may cancel or, with regards to the agreements with
continuous performance, terminate the agreement. These options were
accepted also by the doctrine.
With the New CoO, the theory of adaptation has been based on a
more solid foundation. The fact that this institution is regulated under
legal provisions will, without a doubt, facilitate its application. On the
other hand, we should emphasize that the theory of adaptation will be
applied under condition to fulfill all of the conditions above. Within this
framework, it should be taken into consideration that the basic principle of
the law of obligations,
pacta sund servanda,
and the option for adaptation
of agreements can only be used in exceptional cases.