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European Law

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European Business Law 1!

! Introduction to international business law and elements of contract formation! ! ! ! !
Useful for :! • Business relationships depend upon legally binding agreements! • Being aware of contract traps (avoid business troubles)!

Law > Contract Law > French contract Law > International Contract Law (comparative law / Unidroit principles / Vienna Convention) > Common Law !

What is a contract law?! 3 main ideas = A contract is act of Freedom / of Willingness / of Foreseeability! 2 main principles = Principle of obligatory force / of good faith! Problems when negotiating a contract :! Is the negotiator empowered?! Severability or not?! Confidentiality or Non-disclosure agreement!

! A Contract is an agreement between 2 or more parties that is binding in law! ! When does a contract come into force? => Agreement on essential terms! ! BEFORE : Elements of contract formation! ! Offer and Acceptance ! ! !

An offer accepted is a contract / A statement of willingness to contract on specified terms! • Express / implied offer! • Adressed to one particular person, a group of persons, or the world at large! • Offer and Invitation difference to treat (= advertising)! Revocation of an offer : ! • Withdrawal of the offer : An offer may be withdrawn at anytime before acceptance! • Lapse of time :! • Where a time-limit : the offer automatically falls on the expiry of that time-limit! • Where no time-limit : An offer only remains open for a reasonable time! • Rejection by the offeree! • Counter-offer!

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Death of one of the parties : ! • If the of the offeror dies before acceptance, the offeree may validly accept providing if:! • It is not a contract involving the personal service of the offeror! • The offeree has not been notified of the death! • If the offeree dies before acceptance, it seems the offer will terminate and cannot be accepted by his

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