The Legal Regime of the Bilateral Promise to Sell
The Legal Regime of the Bilateral Promise to Sell

Summary/Abstract: A legal instrument recognized only in doctrine and jurisprudence as an expression of the principle of contractual freedom, the bilateral promise of sale was, for the first time, legally regulated by the current Civil Code. The economic and social dynamics determined the concern of the legislator with a view to reforming the Romanian legal system, and with the entry into force of the new Civil Code, contract promises acquired the long-awaited legislative consecration, and their legal regime was established. By means of the synalagmatic promise of sale, the parties foreshadow the content of the final contract, which is intended to give the parties the certainty that none of them will abandon the intention of concluding the expected contract. The practical utility of bilateral promises resides in the fact that it enables the exercise of the coercive force of the state by issuing a court decision that takes the place of the contract in the event that one of the parties has not fulfilled its assumed obligations. In the current context of an accelerated real estate development, the promise to sell is the most used legal instrument in the relations between real estate developers and future owners. The present study brings into focus the current legal regime of the promise to sell for a full understanding of the effects of this preparatory contract and the legal possibilities available to enforce such a contract.

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