Most of the elements that are necessary for the formation of a contract under the Principles of European Contract Law are similar to those in UK contract law. This includes:
- the process of making an offer and its acceptance
- good faith in making and accepting the offer
The process of making and accepting an offer and it being accepted is set out in a series of clauses. These define how an offer is made, revoked and accepted. This lies at the core of making a contract. It includes the opportunity to specify time limits and modifications.