European Commission sets out plans for 28th contract regime

The European Commission has set out its plans for the 28^th contract law regime. Rather than replace national contract laws, the 28^th regime would work as an alternative to a Member State’s contract laws. The so-called Common European Sales Law would be optional and would only apply if both parties to the transaction agreed to its application. It could apply to dealings between businesses and consumers, or between businesses and SMEs (defined as having fewer than 250 employees and having a turnover of less than €50m or a balance sheet of less than €43m). The Commission hopes the new option will kick-start the EU’s economy. The proposals, which must still be approved by the European Parliament and the European Council of Ministers, can be found here: http://ec.europa.eu/justice/contract/files/common_sales_law/regulation_sales_law_en.pdf.