European contract law

European contract law represents a strategy working towards a common set of legal principles operating in the field of contract law across the European Union, with minimal differentiation between the national contract laws which apply within the member states. Contract law represents one of the areas of private law harmonisation being pursued and progressed by the European Commission, while the Principles of European Contract Law are a set of model rules drawn up by leading contract law academics in Europe, which attempt to elucidate the basic rules of contract law, and more generally the law of obligations, which most legal systems of the member states of the European Union hold in common. The Principles of European Contract Law (PECL) are based on the concept of a uniform European contract law system and were created by the self-styled Commission on European Contract Law set up by the late Ole Lando. The PECL take into account the requirements of the European domestic trade.

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