Contract/ Civil Law Tradition Business Law

Contract/ Civil Law Tradition Business Law

Suecirin Colon

Law 421

April 14, 2015

Joanne Pardo-Marquez

Contract/ Civil Law Tradition Business Law

In this paper we will be discussing on Contracts in the Commonwealth of Puerto Rico in which we will describe the contracts according with the cases (Muniz v. COPAN, 113 D.P.R. 157 (1982), Trinidad v. Chad, 153 D.P.R. 280 (2001), and Las Marias v. Municipio, 159 D.P.R. 868 (2003). What does contract mean under the role of business law? It means a business contract is one of the most legal transactions one can be involved in when running or working on a business. No matter what type of business one may run, having and understanding contract law is key to creating sound business agreement that will be legally enforceable in the vent that a dispute may arises.    

The Common Law; the majority of the contract (employments agreements, leases general business agreements) are controlled by the state’s common law made, from court decisions over the years. Also the Uniform Commercial Code (UCC); the common law does control contracts that are primarily for the sales of goods. They are controlled by UCC, a standardized collections of guidelines that govern the law of commercial transactions. Most states have adopted the UCC in whole or in part, making UCC’s provisions part the state’s codified laws pertaining to sale goods. In the eye of the law, a contract arises when there is an offer, acceptance of that offer, and sufficient “consideration” to make the contract valid: an offer allows the person or business to whom the offer is made to reasonable expect that the offering party is willing to be bound by the offer on the terms proposed. The terms if an offer must be definite and clear. An acceptance is a clear. An acceptance is a clear expression of the accepting party’s agreement to the terms of the offer. Considerations are a legal term given to the bargained-for the exchange between the parties to the contact. Each party to the contract will gain some benefit from the agreement, and will incur some obligation in exchange for the benefit.

When the law recognizes a contract that rises in a number of different ways like for instance, bilateral contract, unilateral contract, express contract and implied contract.  The basic principals of contracts in Puerto Rico to tenor with the cases of the Supreme court of Puerto Rico; Las Marias v. Municipio 159 D.P.R. (2003), Muniz v. COPAN, 113 D.P.R. 157 (1982) and Trinidad v. Chad, 153 D.P.R. 280 (2001) according to Aaron Larson, “must have certain things in order to be valid”, Larson list the elements of the contract and, in order to be enforceable they must have; mutual consent, offer and acceptance, mutual consideration, performance and delivery, in addition these elements may factor into the enforceability of any contract like, good faith, and no violation of public policy (Larson, 2003).