Contract Law of the People's Republic of China
Author:sipoIssuing Date:2008-01-24 13:28:30Source:sipo
Where the donation is subject to collateral obligations, the donee shall perform the obligations in accordance with the terms of the contract.
Article 191 Where the donated property has defects, the donator shall not bear any liability. In case of a donation subject to collateral obligations, if the donated property has defects, the donator shall bear the same liability as a seller within the limit of the collateral obligations.
Where the donator does not inform of the defects intentionlly or insures that there is no defect, thus causing losses to the donee, the donator shall be liable for damages.
Article 192 Where the donee is under any of the following circumstances, the donator may rescind the donation:
(1) seriously infringing upon the donator or his/her close relatives;
(2) not performing the obligation in respect of supporting the donator;
(3) not performing the obligation agreed upon in the donation contract.
The right of the donator to rescission shall be exercised within one year as of the date when he knows or ought to know the rescission reasons.
Article 193 In case of the donee's illegal acts resulting in the death of the donator or the loss of the donator's civil of capacity conduct, the heir or statutory agent of the donator may rescind the donation.
The right to rescission of the heir or statutory agent of the donator shall be exercised within six months as of the date when he knows or ought to know the rescission reasons.
Article 194 Where a person having the right to rescission rescinds the donation, the person may request the donee to return the donated property.
Article 195 Where economic conditions of the donator is strikingly deteriorating, which seriously affects his/her production and business operations or the family life, the donator may no longer perform the donation obligation.
Chapter 12 Contracts for Loans
Article 196 A loan contract refers to a contract whereby the borrower raises a loan from the lender, and repays the loan with interest thereof when it becomes due.
Article 197 Loan contracts shall be in written form, except as otherwise agreed upon by natural persons in respect of loans between them.
The contents of a loan contract shall contain such clauses as the category of loans, the kind of currency, the purpose of use, the amount, the interest rate, the term and the method for returning the loan.
Article 198 In concluding a loan contract, the lender may require the borrower to provide a guaranty. The guaranty shall abide by the provisions of the Guaranty Law of the People's Republic of China.
Article 199 In concluding a loan contract, the borrower shall provide with the truthful information about the business activities and financial conditions relating to the loan according to the requirements of the lender.
Article 200 The interest of the loan shall not be deducted from the principal in advance. Where the interest is deducted in advance from the principal, the loan shall be repaid and the amount of the interest calculated according to the actual amount of the loan.
Article 201 Where the lender fails to extend the loan in accordance with the agreed date and amount and causes losses to the borrower, the lender shall compensate for the losses.
Where the borrower fails to accept the loan in accordance with the agreed date and amount, the borrower shall pay the interest according to the agreed date and amount.
Article 202 The lender may inspect and supervise the use of the loan in accordance with the terms of the contract. The borrower shall provide regularly the relevant financial statements and other materials to the lender in accordance with the terms of the contract.
Article 203 Where the borrower fails to use the loan in accordance with the agreed usage of the loan,, the lender may cease in extending the loan, recall the loan ahead of time or rescind the contract.
Article 204 Loan interest rates of the financial institutions conducting loan business shall be determined according to the upper limit and lower limit of loan interest rates stipulated by the People's Bank of China.
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