How does Chinese law define business contracts?

In China, business contracts are defined under the Contract Law of the People’s Republic of China. This law is intended to protect both parties and ensure that contracts are fair and reasonable. According to this law, a business contract must include a good faith principle in the formation of the contract and fulfill all the legitimate rights and interests of each party involved. The law stipulates that a business contract must include the details of the contract, the quality of the goods, the prices of the goods and services, the dates of delivery, the liabilities of each party, and other obligations by both parties. All contracts must also include a resolution to the dispute, such as arbitration or a court process. This helps protect the rights and interests of both parties in the event of a dispute. The law also states that the parties involved in a business contract should be aware of the risks of the agreement and should both agree to any changes or additions to the contracts. All parties must also be aware of their responsibilities and obligations under the contract. Lastly, all business contracts need to be legally binding, which means that both parties need to abide by the contract and not breach it in any way. Overall, the Contract Law of the People’s Republic of China defines the rights and obligations of both parties involved in a business contract and provides a fair system to resolve disputes.

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How does Chinese law define business contracts?

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