Law Of Contracts

Contract law: In the business world, goods or services are usually purchased for consumption or resale. First, buyers and sellers need to negotiate the terms of purchase and then enter the transactions that lead to sales. Parties to these transactions include commercial companies, public companies, local governments, and individuals, but the legal mechanisms of those transactions are always the same. They signed a "contract". Freedom to sign a wider range of goods and services contracts is important to the market economy.

In the 12 th and 13 th centuries, the development of the contract law in the European Continent and Britain began to be different. In England, the common law of the contract is practically established by the court. On the continent of Europe, the process is very different, speculators and system thinkers play a more important role.

The majority of the contractual common law principle is outlined in the "Legal Restructuring II, Contracts" published by the American Institute of Law. The original article of the Unified Commercial Code is adopted by almost all states and represents a series of statutory laws that manage important contract categories. The main provisions on the contract law are Article 1 (General Provisions) and Article 2 (Sales). The provision of Article 9 (secured transaction) provides for the transfer of payment right in the security interest agreement. Contracts related to specific activities or business units may be subject to strict supervision by state and / or federal law. See the law on other topics related to specific activities or business units. In 1988, the United States joined the UN Convention on Contracts for the International Sale of Goods. This currently prescribes a contract within that range.

In March 1999, China's contract law finally passed the "contract law". This law replaces the previous three laws. "Economic Contract Law" (including contracts among domestic companies but excluding individuals), foreign economic contract law (including contracts with foreigners) and technical contract law. As a license (including technology transfer etc.) "Contract Law" generally follows international practice, as with many other Chinese regulations, subject matter of problem area is fewer than its subject.

China: Establishment of legal system for market economy Donald C. Clark George Washington University law school, dclarke @ law.gwu.edu