Oikeustoimilaki (Contracts Act)
In Simple Terms
The Finnish Act on Legal Transactions (228/1929) that establishes the fundamental rules for contract formation, validity, and invalidity.
Formal Legal Definition
Laki varallisuusoikeudellisista oikeustoimista (228/1929), the foundational Finnish statute governing the formation of contracts, declarations of intent, powers of attorney, and the invalidity of legal transactions.
Practical Example
If a contract was signed under duress or through fraudulent misrepresentation, the Contracts Act (Section 28-33) provides grounds to void the contract.
Why It Matters
The Contracts Act is one of Finland's oldest and most fundamental private law statutes. It applies to virtually all contractual relationships unless displaced by more specific legislation.
Related Terms
How snowLEX helps with Oikeustoimilaki (Contracts Act)
snowLEX can explain the provisions of the Contracts Act, find relevant KKO case law on contract validity, and compare Finnish contract law principles with EU consumer protection requirements.
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