Contract
People's Republic of China

Under the Civil Code of the People's Republic of China, "the parties may conclude a contract by making an offer and acceptance or through other means". An offer is defined as "an expression of intent to conclude a contract with another person" and is required to "be specific and definite" and to expressly indicate that "the offeror is to be bound by his expression of intent upon acceptance thereof by an offeree". The code further provides that an offer may be revoked unless "the offeror has explicitly indicated that the offer is irrevocable by specifying a time limit for acceptance or in any other manner" or "the offeree has reasons to believe that the offer is irrevocable and has made reasonable preparations for performing the contract". An acceptance, defined as "an expression of intent of the offeree to accept the offer" and a contract is legally formed when the acceptance becomes effective under the provisions of the code. Consequently, the formation of a contract under mainland Chinese law is governed by the mutual assent principle but is subject to the additional criterion that a valid offer expressly state that it is irrevocable.
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