All economic transactions are based on contracts. This is why the differences in the contracts rules on how a contract is concluded or terminated, or on how the delivery of a faulty product has to be remedied, are felt in the daily life of both traders and consumers. For traders, these differences generate additional complexity and costs, notably when they want to export their products and services to several EU Member States. For consumers, these differences make it more difficult to shop in countries other than their own, in particular when shopping online.European Contract Law is one of the Europe 2020 strategic priorities, tying with the completion of the single market in Europe. A proposal on the new legal instrument is planned to be adopted. This EU-wide optional law will have a significant influence on cross-border transactions between business and suppliers as well as consumers, and would particularly benefit SMEs.