Development of Business Legislation in France
Business, entrepreneurship… regardless to the diversity of , in the 21st century this very activity is, the sole and fundamental pledge of growth and development of each country’s economy. The latter emphasizes the importance of evaluating and improving each step meant to the development in this field.
After some 10 years of continuous work, studies and analysis of the law-abiding practice, In June, the Henry Capital Foundation of France decided to make ambitious changes to the law and introduced a business law reform package, the main purpose of which was to separate business contracts from the Civil Code in order to facilitate entrepreneurship activities and to promote private law development.
The basis for the development of this package have been the judicial precedents, as the lawyers have often dealt with problems of analogy misuse, abuses of contractual legal relations, conditioned by the lack of civil law norms. The initiative group argues that contractual legal relationships constitute the backbone of daily work of business activities, and that these contracts fully “deserve” being set apart into a separate legal act. According to the authors of the amendments, this legal act will be similar to others, will have a regulation, business relationships, will contain the principles of concluding a business contract, the basis for sealing, modification and resolution, types of all possible contracts and transitional provisions. This legal act can be called, for example, “Business Code”.
Unlike other treaties, “large” and “small” types of contracts are differentiated here the purpose of which is distinguish between large companies and small and medium-sized enterprises, and the contracts concluded within certain business activities will be separately adjusted to their respective “hybrid” contracts, that will cover different contractual provisions within the framework of one contract, as well as exemplary or “special” contracts.
This package of reforms will be submitted to the French legislature for discussion, probably in 2020.
Author: Margarita Khachatryan
- Posted by: vard
- Category: Finance & accounting, Legal, Tax