Contract Law Force Majeure
Category:
State:
Multi-State
Control #:
US-00103BG
Format:
Word;
PDF;
Rich Text
Instant download
Description
The document outlines the Contract Law of the People's Republic of China (PRC) and compares it with United States contract law, particularly focusing on the force majeure concept. The PRC’s Contract Law, effective since October 1, 1999, emphasizes voluntariness in contract formation and prohibits unlawful interference, similar to U.S. practices. It includes key provisions such as anticipatory repudiation, which allows for contract termination if a party indicates non-performance before the due date. The document details the methods of contract formation, emphasizing both written and oral agreements based on procedural requirements. It also discusses remedies for breach, including specific performance, damages, and the concept of force majeure, outlining the obligations to notify the other party to minimize losses. This law is essential for attorneys, partners, owners, associates, paralegals, and legal assistants involved in cross-border contracts, as it illustrates the legal frameworks that govern contractual relationships and dispute resolutions in China compared to the U.S. It provides foundational knowledge for understanding enforcement, negotiation, and the implications of international agreements.
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