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5 Principle For Entering Into And Executing A Civil Contract in Vietnam

principle-for-entering-into-and-executing-a-civil-contract-in-vietnam

5 Principle For Entering Into And Executing A Civil Contract in Vietnam

The principle for entering into and executing a civil contract is the one of matters having important impact on validity of the civil contract. The principle for entering into and executing a civil contract under the prevailing civil law comprises[1]:

(i) Every individual or legal entity is equal and may not be discriminated against for any reason; and is equally protected by law for personal and property rights. The principle for entering into and executing a civil contract is created on the concept of the Article 16 of the prevailing constitution of Viet Nam that all people are equal before law.

(ii) Individuals and legal entities establish, perform and terminate their civil rights and obligations on the basis of free and voluntary commitments and agreement. Any commitment or agreement which does not violate a prohibition by law or is not contrary to social morals is valid for performance by the parties and must be respected by other subjects. The principle for entering into and executing a civil contract is specified by the regulations of conditions of effective civil transactions under Civil Code 2015. Particularly, Article 117 of Civil Code 2015 provides that participants in the civil transaction act entirely voluntarily and the intention and content of the civil transactions do not commit violation against to the prohibition of law or contrary to social ethics are conditions of effective civil transactions.

(iii) Individuals and legal entities must establish, perform and terminate their civil rights and obligations with good will and honesty.

(iv)  The establishment, performance and termination of civil rights and obligations may not infringe upon national or ethnic interest, public interest, or legitimate rights and interest of other people. The principle for entering into and executing a civil contract is also specified by the regulations of conditions of effective civil transactions under Civil Code 2015 in relation to the intention and content of the civil transactions.

(v) Individuals and legal entities must bear self-responsibility for non-performance or incorrect performance of civil obligations. The principle for entering into and executing a civil contract is also deemed to be specified by the regulations of conditions of effective civil transactions under Civil Code 2015, particularly, participants in the transaction have legal personality and/or legal capacity in conformity with such transaction.

Above is an overview of the principle for entering into and executing a civil contract. If you have trouble with legal issues regarding of the principle for entering into and executing a civil contract, please contact us: Phuoc & Partners is a professional consulting firm established in Vietnam and currently has nearly 100 members working in three offices in Ho Chi Minh City, Hanoi and Danang. Phuoc & Partners is also rated as one of the leading consulting firms specializing in business law in Vietnam that has leading practice areas in the legal market such as Labour and EmploymentTaxationMerger and acquisitionLitigation. We are confident in providing customers with optimal and effective service.

[1] Article 3 of Civil Code 2015.

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5 Principle For Entering Into And Executing A Civil Contract in Vietnam
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5 Principle For Entering Into And Executing A Civil Contract in Vietnam
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The principle for entering into and executing a civil contract is the one of matters having important impact on validity of the civil contract. The principle for
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