EFFECTS OF COMMERCIAL CONTRACT

Ana-Maria Florea and Constantin Giurca
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Ana-Maria Florea: University of Craiova Faculty of Law and Social Sciences
Constantin Giurca: University of Craiova Faculty of Law and Social Sciences

Annals of University of Craiova - Economic Sciences Series, 2014, vol. 2, issue 42, 76-82

Abstract: The contract is a legal instrument used to organize economic and social life. International trade agreement has certain features in order to ensure the international exchange of goods and services between the Contracting Parties. In terms of commercial contract, there is a foreign origin element, that gives the parties the right to determine the law to govern the contract. A fundamental aspect of commercial contract, in addition to that of determining the law applicable to judicial report established between the parties, it is also the mechanism of interpretation of the contract in case of a conflict due to obscure or inaccurate contractual clauses. Effects of commercial contract are governed by two principles, namely the principle of the binding force of the contract and the principle of relativity of the contract.

Keywords: contract; internationality; commerciality; customary; applicable law (search for similar items in EconPapers)
JEL-codes: K00 K10 (search for similar items in EconPapers)
Date: 2014
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