Principles of European Contract Law

The Principles of European Contract Law (PECL) are guidelines aimed at harmonizing contract law across Europe. They provide a framework for creating, enforcing, and interpreting contracts between parties. Key principles include freedom of contract (the right to decide terms), good faith (acting honestly and fairly), and the importance of clear communication. PECL addresses issues such as contract formation, performance, and remedies for breach. Though not legally binding, they serve as a reference for lawmakers and courts, promoting consistency and predictability in commercial relations across EU member states.