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Contract: Rules and Theory of Contract Law

Arguments for a European or global contract law system

  • 3 things to know
  • Components 2 and 3

Overview

Principles of European Contract Law, draft Common Frame of Reference and UNIDROIT Principles of International Commercial Contracts.

What you need to know

Answer each one before you reveal it.

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Evaluation

Give the main argument for a harmonised European contract law system.

Evaluation

Give the main argument against a harmonised European contract law system.

Key term

What were the Principles of European Contract Law?

Questions from this subtopic

Each one with the model answer underneath.

  1. 1

    Give the main argument for a harmonised European contract law system.

    Model answer

    A single set of rules would cut the legal cost of trading across borders. Businesses would face one law rather than the separate laws of many states.

  2. 2

    Give the main argument against a harmonised European contract law system.

    Model answer

    Harmonisation would displace national rules that have developed to suit particular legal traditions. Critics also argue that a new code would lose the certainty of settled case law.

  3. 3

    What were the Principles of European Contract Law?

    Model answer

    The Principles of European Contract Law were a model set of rules produced by the Lando Commission. The Principles were drafted as a restatement rather than as binding legislation.

  4. 4

    What is the Draft Common Frame of Reference?

    Model answer

    The Draft Common Frame of Reference is an academic statement of European private law principles published in 2009. The Draft Common Frame of Reference was intended as a toolbox for legislators rather than as a code.

  5. 5

    What happened to the proposed Common European Sales Law?

    Model answer

    The European Commission proposed an optional Common European Sales Law in 2011. The proposal was withdrawn from the Commission's work programme in 2015.

  6. 6

    What are the UNIDROIT Principles of International Commercial Contracts?

    Model answer

    The UNIDROIT Principles are a global restatement of rules for international commercial contracts. Parties and arbitrators may adopt the Principles by choice because no state has enacted them.

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