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Contract Law Summary
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Summary of contract law, written in a concise way. Incorporates all the relevant core elements needed to have a enlightenment of contract law.Great tool for the exam!
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CHAPTER III: CONTRACT LAWI. CONTRACT LAW
Set of rules and principles that governs transactions between parties
thereby setting rights and obligations of these parties
CONTRACT
o An agreement between two or more parties with specific terms
in which a party promises to give something to the
counterparty and the counterparty will give something in
return
II. SOURCES OF CONTRACT LAW
RULES MADE BY THE CONTRACTING PARTIES
o Freedom of contract
parties are allowed to decide whether they want to
make a contract and with whom
parties are free to determine the terms of the contract
Parties are bound by its rules as well as by legislation
o General Conditions
Standardized set of rules that suit the parties
interest
Saves time and work because a party doesn’t need
to waste time to make new conditions to each new
contract he/she/it might conclude
Usually used by big companies such as hypermarkets
OFFICIAL NATIONAL, EUROPEAN AND SUPRANATIONAL RULES
o Default and Mandatory Rules
, Default: rules that are automatically applicable if the
parties haven’t made any further arrangements
Mandatory: rules that will declare a contract void or null
if the contract doesn’t respect the principles of legality or
morality
o NATIONAL RULES
Produced by courts and legislature
o EUROPEAN RULES
Stems from directives which member states must
implement on their national legislation
Art.114 of the TFEU establishes that the EU can adopt
measures to harmonize national provisions in order to
balance the internal market
o SUPRANATIONAL RULES
1980 UN CISG- Convention on Contracts for the
International Sales of Goods
The contract parties are bind by this Convention if the
country they are contracting has ratified it.
INFORMAL RULES
o SOFT LAW
Rules that are not binding
Model rules
Influence the setting of norms
Source of inspiration to draft a contract
Influence the decision of formal institutions
Principles of European Contract Law (1980) (PECL)
III. FORMATION OF A BINDING CONTRACT
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