【正文】 ng beyond his agency authority, or whose agency authority was extinguished concluded a contract in the name of the principal, if it was reasonable for the other party to believe that the person performing the act had agency authority, such act of agency is valid. Article 50 Contract Executed by Legal RepresentativeWhere the legal representative or the personincharge of a legal person or an organization of any other nature entered into a contract acting beyond his scope of authority, unless the other party knew or should have known that he was acting beyond his scope of authority, such act of representation is valid.Article 51 Unauthorized Disposal of Property through ContractWhere a piece of property belonging to another person was disposed of by a person without the power to do so, such contract is nevertheless valid once the person with the power to its disposal has ratified the contract, or if the person lacking the power to dispose of it when the contract was concluded has subsequently acquired such power.Article 52 Invalidating CircumstancesA contract is invalid in any of the following circumstances:(i) One party induced conclusion of the contract through fraud or duress, thereby harming the interests of the state。(ii) The parties colluded in bad faith, thereby harming the interests of the state, the collective or any third party。(iii) The parties intended to conceal an illegal purpose under the guise of a legitimate transaction。(iv) The contract harms public interests。(v) The contract violates a mandatory provision of any law or administrative regulation.Article 53 Invalidity of Certain Exculpatory ProvisionsThe following exculpatory provisions in a contract are invalid(i) excluding one party39。s liability for personal injury caused to the other party。(ii) excluding one party39。s liability for property loss caused to the other party by its intentional misconduct or gross negligence.Article 54 Contract Subject to Amendment or CancellationEither of the parties may petition the People39。s Court or an arbitration institution for amendment or cancellation of a contract if:(i) the contract was concluded due to a material mistake。(ii) the contract was grossly unconscionable at the time of its conclusion.If a party induced the other party to enter into a contract against its true intention by fraud or duress, or by taking advantage of the other party39。s hardship, the aggrieved party is entitled to petition the People39。s Court or an arbitration institution for amendment or cancellation of the contract.Where a party petitions for amendment of the contract, the People39。s Court or arbitration institution may not cancel the contract instead.Article 55 Extinguishment of Cancellation RightA party39。s cancellation right is extinguished in any of the following circumstances:(i) It fails to exercise the cancellation right within one year, mencing on the date when the party knew or should have known the cause for the cancellation。(ii) Upon being aware of the cause for cancellation, it waives the cancellation right by express statement or by conduct.Article 56 Effect of Invalidation or Cancellation。 Partial Invalidation or CancellationAn invalid or canceled contract is not legally binding ab initio. Where a contract is partially invalid, and the validity of the remaining provisions thereof is not affected as a result, the remaining provisions are nevertheless valid.Article 57 Independence of Dispute Resolution ProvisionThe invalidation, cancellation or discharge of a contract does not impair the validity of the contract provision concerning the method of dispute resolution, which exists independently in the contract.Article 58 Remedies in Case of Invalidation or CancellationAfter a contract was invalidated or canceled, the parties shall make restitution of any property acquired thereunder。 where restitution in kind is not possible or necessary, allowance shall be made in money based on the value of the property. The party at fault shall indemnify the other party for its loss sustained as a result. Where both parties were at fault, the parties shall bear their respective liabilities accordingly.Article 59 Remedies in Case of Collusion in Bad FaithWhere the parties colluded in bad faith, thereby harming the interests of the state, the collective or a third person, any property acquired as a result shall be turned over to the state or be returned to the collective or the third person.Chapter Four Performance of ContractsArticle 60 Full Performance。 Performance in Good FaithThe parties shall fully perform their respective obligations in accordance with the contract. The parties shall abide by the principle of good faith, and perform obligations such as notification, assistance, and confidentiality, etc. in light of the nature and purpose of the contract and in accordance with the relevant usage.Article 61 Indeterminate Terms。 Supplementary AgreementIf a term such as quality, price or remuneration, or place of performance etc. was not prescribed or clearly prescribed, after the contract has taken effect, the parties may supplement it through agreement。 if the parties fail to reach a supplementary agreement, such term shall be determined in accordance with the relevant provisions of the contract or in accordance with the relevant usage.Article 62 Gap FillingWhere a relevant term of the contract was not clearly prescribed, and cannot be determined in accordance with Article 61 hereof, one of the following provisions applies: (i) If quality requirement was not clearly prescribed, performance shall be in accordance with the state standard or industry standard。 absent any state or industry standard, performance shall be in accordance with the customary standard or any particular standard consistent with the purpose of the contract。(ii) If price or remuneration was not clearly prescribed, performance shall be in accordance with the p