Contract Law in Cyprus is one of the main areas of law as it has the most serious impact in our daily life. The heart of our practice is relating to contracts. We advise and provide drafts to our clients on a broad range of commercial and other agreements.
Under common law and as codified by the Cyprus Contracts Law, Chapter 149, Contract Law can be defined as the set of rules governing the relationship, the content and validity of an agreement between two or more persons, individuals or legal entities, as regards the sale of goods or the provision of services or the exchange of interests or ownership.
The legality of purpose and form of contract is the general rule regarding Contract Law. In case of breach of the terms of the contract the injured party may seek remedies and compensations. Essential elements of contracts are the offer and acceptance, a valuable consideration, the contractual capacity of the persons entering the agreement and the intention to create legal relations.
A “void” contract, a voidable or an unenforceable contract are reasons to set aside a contract in Cyprus.