What is definition of subject of the contract in Vietnam?

What is definition of civil contract in Vietnam?

Pursuant to the provisions of Article 385 of the 2015 Civil Code, stipulates:

Civil contract means an agreement between parties in relation to the establishment, modification or termination of civil rights and obligations.

What is subject of the contract in Vietnam?

The subject of a contract is an individual, a juridical person and other subjects prescribed by civil law with civil act capacity to reach an agreement with each other in the form of a civil contract on the establishment, change or termination of the contract or civil rights and obligations.

a) If the subject of the contract is an individual

- Civil legal capacity of an individual being an individual with civil rights and civil obligations, specifically:

+ Moral rights not attached to property and moral rights attached to property;

+ Ownership, inheritance and other rights to property;

+ The right to participate in a civil relationship and to have obligations arising from such relationship.

- An individual's civil act capacity is the ability of an individual to establish and perform civil rights and obligations by his/her own actions.

b) If the subject of the contract is a legal person

- Legal capacity of a legal person is the capacity of a legal person to have civil rights and obligations.

- An organization is recognized as a legal entity when it fully meets the following conditions:

+ Established under the provisions of this Code and other relevant laws;

+ Having an organizational structure as prescribed in Article 83 of this Code;

+ Having assets independent of other individuals or legal entities and taking responsibility for their own property;

+ Independently participate in legal relations in his/her name.

Offers to enter into civil contracts in Vietnam

Pursuant to the provisions of Article 386 of the 2015 Civil Code, stipulates:

1. Offer to enter into a contract means a clear expression by the offeror of its intention to enter into a contract and to be bound by such offer made to another specific party or the public (hereinafter referred to as the offeree).

2. Where an offer to enter into a contract has specified the time for reply and the offeror enters into a contract with a third person during the time limit for reply by the offeree, if the offeror fails to enter into the contract with the offeree and the offeree suffers damage, the offeror must compensate the offeree for such damage.

Time limit within which offer to enter into contract remains effective in Vietnam

Pursuant to the provisions of Article 388 of the 2015 Civil Code, stipulates:

1. The time limit within which an offer to enter into a contract remains effective shall be determined as follows:

a) Where an offeror has specified such time limit;

b) Where an offeror has not specified the time limit, the offer to enter into the contract is effective as from the time the offeree receives the offer.

2. The following cases shall be deemed to be receipt of an offer to enter into a contract:

a) The offer is delivered to the place of residence if the offeree is a natural person, or the offer is delivered to the head office if the offeree is a juridical person;

b) The offer is placed into the official information system of the offeree;

c) When the offeree knows about the offer to enter into a contract by way of other means.

Best Regards!