The Contract and Commercial Law Act 2017 is an important piece of legislation that governs commercial transactions in New Zealand. This Act replaces several other pieces of legislation, including the Sale of Goods Act 1908, the Carriage of Goods Act 1979, and the Contractual Mistakes Act 1977.
One of the main objectives of the Contract and Commercial Law Act 2017 is to provide a modern and flexible framework for commercial transactions. The Act sets out the general principles of contract law, including the requirements for a valid contract, the consequences of a breach of contract, and the remedies available to parties who have suffered a loss as a result of a breach.
One of the key features of the Act is the principle of good faith. This means that parties to a contract are required to act honestly and fairly towards each other, and to take into account the interests of the other party. The Act also provides for a duty of disclosure, which requires parties to disclose any information that is relevant to the contract, and which they know or ought to know, could affect the other party`s decision to enter into the contract.
The Act also contains provisions that are designed to protect consumers and small businesses. For example, the Act requires businesses to provide consumers with clear and accurate information about their products and services, including their price, quality, and availability. The Act also provides for the cancellation of contracts entered into by consumers under certain circumstances, such as where the consumer was misled or coerced into entering into the contract.
In addition to contract law, the Contract and Commercial Law Act 2017 also covers other areas of commercial law, such as the law of agency, partnerships, and sales of goods. The Act also deals with issues such as electronic transactions, negotiable instruments, and international trade.
Overall, the Contract and Commercial Law Act 2017 is an important piece of legislation that provides a modern and flexible framework for commercial transactions in New Zealand. It sets out the general principles of contract law, provides for the protection of consumers and small businesses, and covers a wide range of commercial law issues. As such, it is an essential tool for anyone involved in commercial transactions in New Zealand.