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Comparison of Contract Law of the People's Republic of China with The...

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Category:

Contracts - Contract Law

State:

Multi-State

County:

Salt Lake

Control #:

US-00103BG

Format:

Instant download

Description

The document discusses the Contract Law of the People's Republic of China, which was enacted on March 15, 1999, as a significant reform aimed at modernizing China's contract system and aligning it with international standards. This law, effective from October 1, 1999, introduces concepts such as anticipatory repudiation and the essential principles of offer and acceptance akin to US contract law. Key features include the freedom of contracting parties to determine contract contents, the requirement of compliance with laws for contract validity, and stipulations for dispute resolution methods like mediation and arbitration. The law also emphasizes equal protection against fraud and coercion in contract formation. For the target audience of attorneys, partners, owners, associates, paralegals, and legal assistants, this document provides essential insights into navigating cross-border contracting with Chinese parties, highlights the importance of understanding both the cultural and legal frameworks governing contracts in China, and emphasizes compliance with both substantive and procedural regulations to support effective contract management.