Bill of Exchange: Essential Features and Processes
Bill of Exchange
Credit is the most important title and must contain the following features:
1. Reference to Bills of Exchange
A reference to bills of exchange must be inserted in the text of the document. This is a sacramental formality requirement, without which the bill of exchange, as such, does not legally exist.
2. Date of Subscription
The expression of the place, month, day, and year when you subscribe. This means mentioning in the letter the place or city that creates or issues it, as well as
Read MoreTypes of Sales Contracts: Auction to Inheritance
Sale by Auction
We can say that a sale by auction is when a seller, with prior public notice, offers an item for sale, and the item is sold to the highest bidder. The highest bidder becomes the buyer.
Sale or Return
This is a sale in which the buyer is expressly given the power to try or test the item. In this type of sale, the “evidence” can be established:
- As a condition precedent: The sale is perfected when the buyer has tested the item and finds it satisfactory.
- As a condition subsequent: The sale
Spanish Commercial Law: Partnerships, Agreements, and Securities
Partnerships
General Partnership
Governed by the Commercial Code. No minimum capital amount. The partners are jointly and severally liable for the partnership’s debts. Any transfer of partnership interest requires the consent of every partner.
Simple Limited Partnership
Governed by the Commercial Code. Two types of partners: at least one partner with unlimited liability is in charge of the management and representation of the partnership; at least one limited partner who is liable only to the extent
Read MoreIncoterms: International Shipping Terms Explained
Incoterms: Rules for Any Mode of Transport
EXW (Ex Works)
The seller delivers when it places the goods at the disposal of the buyer at the seller’s premises or at another named place. The seller does not need to load the goods on any collecting vehicle, nor does it need to clear the goods for export, where such clearance is applicable.
FCA (Free Carrier)
The seller delivers the goods to the carrier or another person nominated by the buyer at the seller’s premises or another named place. The parties
Read MoreUnderstanding Checks: History, Concepts, and Legal Aspects
Check History and Evolution
- Origins: Similar to the bill of exchange in Europe during the Middle Ages.
- England: 17th century, Exchequer Bills – King orders the Treasury.
- France: 1865, first legal distinction between checks and bills of exchange.
- Brazil: 1860, first Brazilian legislation.
- Uniform Law: Geneva Convention in 1931, applied in Brazil since 1966.
- Brazil: 1985, Act 7357 (Check Act) – articles cited without source refer to this law.
General Check Concepts
Concept: An unconditional order of payment
Read MorePurchase Order and Goods Transportation: Key Aspects
Purchase Orders
A purchase order is a document that details a transaction between a buyer and a supplier. It specifies the products, quantities, prices, and agreed-upon delivery date. The purchasing department can send the order via letter, fax, email, phone, or through an agent.
Types of Orders
- Firm Order: When both parties agree on the transaction terms, often based on a pre-negotiated contract. This is also known as a cream order or request.
- Conditional Order: When the buyer sets conditions for the