The Draft Common Frame of Reference (DCFR) - The Most Interesting Development in Contract Law Since the Code Civil and the BGB

Abstract

The paper introduces the DCFR, which is essentially the draft of a future EU Code of Obligations and works a bit like the UCC in the USA, as a model commercial code. After a brief historic justification of the draft, there is a presentation of what the DCFR can and cannot do at the present time. Finally, the potential effect of the DCFR if chosen by the parties of an international sales transaction is explained via a hypothetical.

Keywords: international sale of goods, CISG, Unidroit Principles, Draft Common Frame of Reference

JEL Classification: F02, F23, K12, K33, K41, L64