NEWSLETTER-2017

268 NEWSLETTER 2017 majority view in this specific subject is that the optional rights are formative rights, thus it can be used by way of unilateral declaration of intention to the seller, there are also other opinions in the doctrine arguing that it is required to have parties’ consensus on the optional right that the buyer will exercise. Whereas those optional rights were only exercisable through the courts under the previous Turkish Code of Obligations numbered 818, the TCO precluded this problem and paved the way for taking action in a quicker way. Limitation on the Exercise of Optional Rights As emphasized, above, considering the fact that the provisions in the TCO regarding the liability for defects are complementary rules, the parties may stipulate various limitations on the optional rights and their applicability, by an agreement. For instance, they may limit the exercise of these optional rights through the courts. In addition, under the circumstances that the loss of the sold thing’s value is very close to the purchase price, the buyer may only exercise its right to revoke the agreement or request the replacement of the sold things with similar ones. Another limitation is, as also emphasized above, with regard to the lapse of time. It is obvious that the buyer cannot exercise his optional rights in the event of that the lapse of the time periods regu- lated under the TCO and TCC are time barred. Furthermore, as it is indicated in Article 227 of the TCO, the seller may prevent the buyer from exercising his optional rights by immediately giving the same sold thing, free of defect, and by compensating for all damages that the buyer was exposed to. Revocation The consequences of the revocation are clarified in Article 229 of the TCO. Pursuant to this Article, “ In the event of revocation of the agreement by the buyer, the buyer is obliged to return the sold thing to the seller together with any benefits derived from it. In return, the buyer may request the following from the seller: 1. Return of the purchase price together with interest.