Principles of Asian Contract Law: an Endeavor of Regional Harmonization of Contract Law in East Asia

FOLLOWING the development of the globalized economy, it was inevitable that relevant private law rules would be harmonized and unified. This kind of harmonization and unification is both a global and a regional endeavor. In Asia (especially in East Asia) there is a private initiative by scholars trying to harmonize rules of contract law, and the aim is to create a model law called Principles of Asian Contract Law (PACL). This paper begins, in Part II, with a discussion of how the PACL can become a continuous project rather than merely an idea. Part III then examines why the PACL is necessary for East Asia given that China, South Korea, and Japan are member states of the United Nations Convention on Contracts for the International Sale of Goods (CISG). Part IV examines what has been done to create the PACL. Part V addresses some basic issues with the PACL. Finally, Part VI discusses the future of the PACL.