Contractual Obligations in the Area of Entrepreneurship under the PRC Laws: Discharge, Termination, Liability for Violation

The article considers the legal regulation of contractual obligations between persons engaged in business activities in China. The author aims to investigate the proper performance of business contractual obligations under the law of China, to consider the liability measures established for their non-performance or improper performance, as well as to analyze the grounds for termination of obligations. Based on the results of the research, the author comes to the conclusion that the principles of honesty and trust are essential for contractual obligations in the sphere of business activity. The parties are obliged to cooperate fully, including, and in addition to performing the obligations stipulated in the contract. Moreover, this obligation remains even after the termination of all contractual obligations. The conditions for liability for violation of obligations in the sphere of business activity are also established.