Business law I - Introduction to German contract law
3 important questions on Business law I - Introduction to German contract law
What fundamental idea is party autonomy based on?
It is based on the idea that the parties themselves determine an appropriate balance of their interests in a legal relationship and are free to do so.
What does freedom of contract mean?
Freedom of contract means that parties are free to decide whether and with whom they will enter into a contract with. This includes the rights to decide and determine the content and the terms of the contract as well.
Section 433 in BGB lays out the contractual obligations of buyer and seller in a purchase contract. What are the contractual obligations of the parties?
The contractual obligations of buyer and seller according to section 433 BGB for a purchase contract is that seller is obliged to deliver the good purchased to the buyer without defects. The buyer obligation is to pay the seller for the good purchased.
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