Introduction

The general starting point in Finnish contract law, as it usually is in countries with market economies, is pacta sunt servanda and that each party must carry his or her own risk as to how the contracted obligations will develop. The Finnish Contracts Act of 1929 is almost completely identical to the Danish, Norwegian and Swedish Contracts Acts, which have served as models for the Finnish Contracts Act. Moreover, the Sales of Goods Acts in Finland, Norway and Sweden are, with the exception of some minor differences, identical. However, Finland has no comprehensive civil code like, e.g., the German BGB or the French Civil Code. Instead, the general principles of contract law are not codified, which makes case law and doctrine important as legal sources in the field of contract law in Finland. In substance, the principles of Finnish law on contracts are the same as in the other Scandinavian countries.

The basic principles of Finnish contract law that seem relevant in this context are good faith and loyalty in contractual relationships and fairness. The underlying idea is to conceive a contractual relationship as a cooperative project for the parties instead of an arrangement which entitles a party to a contract to pursue only his or her own interests. In general, these principles impose a duty to also take into consideration the interests of the other party.