The Commission has held the first meeting of business, consumer and legal practitioners’ groups to discuss European contract law as part of the public consultation on this issue. The idea is to develop a user-friendly instrument of European Contract Law, capable of benefiting consumers and businesses which, at the same time, would provide for legal certainty.
The Commission has outlined seven options for the legal nature of the instrument of European Contract Law. Four of these options imply the adoption of a legally binding act. The most pervasive option is the adoption of a European Civil Code covering not only contract law, but also other types of obligations such as torts.
The opportunity for using optional EU contract law is hugely important for legal professionals, businesses and citizens in Europe. That is why it is essential to discuss all the possible impacts of such new legislation with all stakeholders on Community, national and regional level.