Principles of European Contract Law: Bearer of Traditions and Response to Modern Needs

Among the documents on contract law, the Principles of EuropeanContract Law (PECL) are the best result of the endeavors for theunification of European law in the realm of contract law. Afterexpiration of a short time from its publication, the PECL find asuitable place in Europe and outside the Continent. The Principleshave two important features: they contain the European legal traditionas well as respond the needs of modern world in the area of contractlaw. The PECL do not bind the courts. They can only work by their forceof persuasion. They are treated as soft law which was drafted andpublished by academics who are not members of political parties andgovernmental organs. However, the main purpose of the EuropeanPrinciples is to serve as a first draft of a part of a European Civil Code.The PECL may also perform a function similar to that of theAmerican Restatement of the Law of Contract, which was publishedin its second edition in 1981. The Restatement is a non-binding bodyof rules which purport to state the Common Law of contracts of theUnited States. It offers its rules to courts and arbitrators which needhelp and advice. It is part of the lex mercatoria.