Contract Law in CyprusUpdated on Monday 16th November 2015
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The Cypriot Contract Law
The Contract Law is also known as Chapter 149 in the Cypriot Civil Code. The Cypriot Contract Law is made up of 12 parts which establish the validity and enforcement of agreements and how those agreements can be terminated or the circumstances they become void under. The Contract Law refers to agreements and promises that if part of an exchange agreement will become contracts. The Contract Law in Cyprus covers the following aspects of agreements:
- - how they will be enforced,
- - the obligations established by the agreements,
- - the remedies in case the obligations are not fulfilled.
The Contract Law provides for several types of agreements among which lease agreements, marriage agreements and credit contracts. Our lawyers in Cyprus can provide you information about the Contract Law and its content.
Offering and acceptance under the Cypriot Contract Law
The contract legislation in Cyprus establishes that an agreement can be considered a contract once a proposal is communicated by one party and accepted by the other. Cypriot companies concluding contracts are required to make sure their counterparts acknowledge and accept their offer. If the offer is not accepted, the Contract Law in Cyprus allows for the revocation of the agreement. Contracts in Cyprus are based on absolute acceptance, meaning the acceptance is expressed in an unequivocal way. Even if the Cypriot Contract Law allows for agreements to be concluded orally and in writing it is advisable to use the written form.
Our law firm in Cyprus can help you draft contracts in accordance with the current contract legislation.
Concluding a contract under the Contract Law in Cyprus
Under the Cyprus Contract Law, any person can conclude a contract as long as they enter the agreement without being forced. As mentioned above, contracts can be made in writing or can be oral. However, the conclusion of an oral contract requires the presence of at least two witnesses.
Contracts are considered void if any object in the agreement is breaching the Cypriot legislation. The parties concluding a contract must engage in performing their duties or promise to perform those duties under the provisions of the Contract Law or any other laws in Cyprus.
If you need legal assistance in contract related matters, do not hesitate to contact our Cypriot attorneys.