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Contract Law

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Chapter Summary

Contracts between enterprises were subordinated to the state economic plan. The Civil Code provides some protection for consumers from standard form contracts. A contract is deemed to have been concluded if an agreement with all the essential terms of the contract has been reached in the required form between the parties. The Code provides that first, the literal meaning of the words and expressions in the contract should be considered. Revision or rescission of a contract takes effect from the time of the agreement by the parties, or, in cases where the revision or rescission is made by court procedure, from the time the judgment enters force. This chapter discusses individual contacts, Contract of Sale, Contract of Lease, Commission, Agency, and Mandate Contracts, Contracts related to Banking, Concession Contracts and Joint Venture Contracts.

Keywords: Banking; Civil Code; Contracts; court procedure; enterprises

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