How does Chinese law define business contracts?

When it comes to business contracts in China, the Chinese law defines them as a legally binding agreement between two or more parties. According to the Chinese Civil Code, every contract must include an offer to one party by another party, an acceptance of that offer, and an agreement of specific legal obligations. Furthermore, all parties involved in the contract must be at least 18 years of age. In the case of business contracts, the offer must be clear and written in a manner that is specific and definite so that all parties are aware of the terms of the agreement. In addition, for the agreement to be legally binding, each party must exchange consideration and give consent without any kind of coercion. If any of these elements are lacking, then the contract will not be recognized as a valid agreement. The Chinese law also requires that all business contracts are documented in writing, signed by all parties, and that a copy of the document is kept for all involved. Furthermore, any alterations or modifications to the contract must also be done in writing and must be properly executed and witnessed. In addition, Chinese law dictates that any disputes arising from business contracts must be handled through mediation first before resorting to legal action. This is an important aspect of business contracts in China as it helps resolve any potential disputes between the parties in a fast and efficient manner.

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How does Chinese law define business contracts?

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