-Unidroit Principles of International Commercial Contracts (PICC) of 1994 is sort of “general part” of international sales law and covers all the most important topics of general law. - Principles of European Contract Law (PECL) of 1995 is based on the concept of a uniform European contract law system and consider the requirements of the European domestic trade. - Draft Common Frame of Reference (DCFR) of 2009
Private Law First Partial Summary15 Requirements of a Contract Formation of a Binding Contract Main criterion to form a binding contract is the intention of legal parties to enter a legal relationship. Essential elements of a contract are agreement (the expression of the will), subject matter (rights bargained that must be existent, lawful and determinable), cause (the aim of the relationship between parties) and form. In case of any absence or defectiveness of any of these elements render the contract void. Offer and Acceptance The offer by the seller must be definitive enough otherwise it would at best be invitation to treat. The offeror can change his mind before acceptance by the offeree. Therefore, a notion of revocation is possible. The contract is concluded, when acceptance reaches the offeror. This declaration formed by the law is called ‘’the knowledge rule’’. A well-known exception to the widely-accepted rule can be found in English law: in case acceptance is sent by (regular) mail, the contract is concluded when the acceptance is dispatched by post (so-called posting rule). Revocation of an Offer In the common law the offeree bears the risk of revocation only for the extra period between the arrival of the offer and the dispatch of the acceptance. If the offeror performs before reply by the offeree, the offeror must be liable for damages. In doorstep selling and in distance contracts, consumers only need to send a notice of cancellation to the professional party within the ‘cooling off-period’ (usually 14 days) so they can have withdrawal rights allow the consumers to cancel a contract without giving any reason. Nominate and Innominate Contracts Nominate contracts are expressly regulated by the legal system. Innominate contract agreements that do not refer to any specific type of contract but appear to be a combination of different set of rules. Formalities A form of a contract is chosen by the parties but it must be a specific form to provide protection against hasty conclusions of contract, it must conclude warning or info about consequences by a public notary and it may be considered as evidence even after a long time. For Italian law, sales concerning immovable goods must be stipulated in written form and gifts require a notarial deed. the professional party needs to provide consumers with all kinds of information on the product and often on their right to withdraw from the contract. Different forms are ‘’Mere private writing’’ which is a
Private Law First Partial Summary16 document formed and signed by the parties, ‘’written authenticated signature’’ which
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