In scientific circles, the well-known civility position is an extended (absolute) interpretation of the principle of freedom of contract, while the limits of such freedom are regarded only as a method of influence by the State.

However, there are areas where contractual freedom exists in organic unity with limitations. For example, the banking sector of the economy may be one such area.

The banking industry vividly illustrates the combination of public and private interests at different stages of the relationship between the bank and its clients.

A practical problem is the impact on contractual freedom of the entry into such a legal relationship of an entity exercising public authority or a body authorized to administer justice. This creates an imbalance of interest between public law and private law. In such a connection, there is an acute problem of checking transactions (contracts) of the bank for signs of nullity, according to the Law of Ukraine «On the system of guarantees of deposits of natural persons» [1] (next - Law).

It seems that if the legal relationship between the bank and the depositor arose on the basis of a civil law contract, existed at the time of the dispute between the Fund and the depositor, and the relevant Law does not contain provisions different from the Civil Code of Ukraine, The provisions of the Civil Code of Ukraine should be applied to such relations.

This is explained as follows. Since a public-law dispute is characterized by vertical subordination, the relationship between the Fund and the contributor would have to be characterized by the management, direction of the investor’s will before an administrative dispute arises between them.

In such a case, however, the principle of freedom of contract would be violated and the conclusion of transactions on the basis of free will and other elements of the principle of freedom of contract would be presumed (arts. 3, 203, 204, 627 and 628 of the Civil Code of Ukraine [2]) as well as the fact that the treaty was concluded in accordance with the requirements of current Ukrainian legislation. Because at the time of conclusion of the contract the parties were not guided and could not be guided by the grounds for recognition of null and void contracts, in accordance with the mentioned Law.