The Law of Contract under the Rome Convention

Abstract

Each nation, territory or country possesses its own set of laws. It would be beneficial andadvantageous if these laws can be harmonizing. In International business and work severalharmonizing process of international laws took place. This creates few problems andcomplexity in international affairs. The applicability of certain laws therefore becomes thebasis of a legal system and how this can be utilized in the greater complexity of certaininvolvements and participations. The harmonization of these different laws has beenaddressed through private international law or systems of conflict of laws. The need toharmonize these laws, as mentioned, can be seen in the fact that increasing globalization hasled to more international transactions in which the participating parties are also protected bytheir respective national laws. The European Union, together with some other nations, ratifieda unification system for the application of contractual obligations that would be followed forthe European Economic Community and its members. Many countries of Europe signed theRome Convention after the preparation of it. The Rome Convention, as it came to be known,is the Applicable Law to Contractual Obligations and was convened to create at least aharmonized, if not a unified, body of law within the scope of the European Union. This thesisgives insights on the challenges faced by individuals in international transactions whileundertaking contracts with respect to Rome Convention.