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Contract law issues on European or international level have been studied for several decades in academic circles. Contract law issues and other questions affecting European private law have already been regulated in the past on EC level, especially in the framework of several consumer protection directives. The European Contract Law project initiated by the European Commission received new impetus with the Commission's Green Paper of 2004. Emphasis is laid on developing a ‘common frame of reference’ (CFR) which shall be ready by 2009. A so‐called ‘optional instrument’ and standard terms of contract are also looked at. The article explains the reasons behind these activities, describes the work currently under way, and points to a series of open questions of a legal or political nature.
