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Chapter Summary

This chapter contains four articles on general provisions of contract. The presented articles are: definition of contract, principle of freedom of contract, principle of fairness, binding effect of contracts. A contract is an agreement between natural persons, juristic persons or unincorporated associations that establishes, alters or dissolves a financial relationship of civil rights and obligations. The parties are free to make a contract and to lawfully determine its content and form. The parties shall abide by the principle of fairness in prescribing their respective rights and obligations. A lawfully established contract is legally binding on the parties; neither party may arbitrarily amend or terminate the contract without negotiation between the parties or lawful reasons. A lawfully established contract is binding on a third party only when it is specially regulated by law.

Keywords: binding effect of contracts; freedom of contract

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