Principles of European Contract Law

The Principles of European Contract Law (PECL) is a set of model rules drawn up by leading contract law academics in Europe. It attempts to elucidate basic rules of contract law and more generally the law of obligations which most legal systems of the member states of the European Union hold in common. The Principles of European Contract Law are based on the concept of a uniform European contract law system, and were created by the self-styled Commission on European Contract Law set up by Ole Lando ('Lando Commission'). The PECL take into account the requirements of the European domestic trade. In the broader sense the PECL proposals are a 'set of general rules which are designed to provide maximum flexibility and thus accommodate future development in legal thinking in the field of contract law.'