Commercial Law: Key Concepts and Principles

Posted on Nov 1, 2024 in Law & Jurisprudence

Basic Concepts

  1. The economic concept of trade is the exchange of goods or services for profit. TRUE
  2. Commercial doctrine is the set of opinions of authors and writers of commercial law. TRUE
  3. A person convicted by a final sentence for the crime of forgery cannot conduct business. TRUE
  4. The electronic folio of each trader or partnership at the Public Registry of Commerce is their marriage record. TRUE
  5. The precedence of rights between two or more acts that refer to the same e-folio is determined by the control number granted, irrespective of the registration date of incorporation. TRUE
  6. Misconception occurs when the inscription expressing any of the contents of the instrument is altered or its content changes because the person responsible for registration has made a wrong interpretation of it. TRUE
  7. When a board meeting is held, the minutes will indicate the date, names of attendees, and a list of approved agreements. TRUE
  8. In a commercial contract with a fixed penalty for damages against anyone who does not fulfill it, the aggrieved party may enforce the contract and the prescribed penalty. FALSE
  9. Delivery charges for commercial sales will be paid by the buyer. TRUE
  10. Wholesale trade is done on a large scale, generally for resale or other industrial purposes. TRUE

Public Registry of Commerce

  1. The Ministry of Economy is responsible for the operation of the Public Registry of Commerce.
  2. The database and software of the Public Registry of Commerce are owned by the Federal Government.
  3. The person responsible for the Public Registry of Commerce is the depositary of public faith registration.
  4. A ruling pronounced abroad is only recorded in the Public Registry of Commerce when ordered by Mexican authorities.

Accounting and Contracts

  1. The Ledger is the book in which you must enter, at least once a month, the names and descriptions of accounts, the final balance of the registration period immediately preceding, the total movement of debit or credit to each account during the period, and your bottom line.
  2. Commercial contracts concluded by mail or telegraph are perfected when the acceptance of the proposal is received.
  3. In indefinite loans, the creditor may not require the debtor to pay until the day the creditor demands payment, out of court, through a notary, or with a witness.

History and Characteristics of Commercial Law

  1. The business practices of the Phoenicians gave birth to the social patterns of credit initiation.
  2. Three characteristics of commercial law are: safety, soundness, simplicity, rigor, universality, systematization, permanence, and duration.
  3. The Institution of Consuls had the mission to judge and decide on disputes arising between members of unions.
  4. Business Law is the branch of private law that regulates the relations of individuals who perform acts of commerce or have the character of merchants.
  5. Ranking is defined as the order in which one source is applied over another.
  6. Acts of Trade are legal acts that produce their effects in the field of commercial law.
  7. Notaries and public brokers seeking authorization to access the database of the Register of Commerce must post a bond with the Treasury of the Federation.
  8. Obligations with no fixed term set by the parties or by law are payable immediately upon becoming enforceable.
  9. Delinquency in commercial obligations with a set date for compliance begins the day after the maturity date.
  10. Bearer bonds can be transferred through sales.
  11. The parties involved in commercial consignment are the consignor and the consignee.
  12. Capacity is the ability of an individual or entity to be subject to rights and obligations.

Sources and Classification of Commercial Law

Ranking of the sources of general commercial law:

  1. Commercial Law
  2. Civil Law
  3. Commercial Jurisprudence
  4. Commercial Practice
  5. Mercantilist Doctrine

Classification of commercial transactions according to Tena Ramírez:

  1. Absolutely Commercial: Acts that apply to the economic concept of trade.
  2. Commercial by Connection:
    1. Acts emerging from companies.
    2. Acts performed by a merchant in connection with the exercise of their trade.
    3. Accessory events related to other acts of commerce.

Cases where registrars can deny registration of documents:

  1. The act or contract does not contain the information required for registration.
  2. The content contradicts pre-existing registered information.
  3. The document is unclear, does not attempt to express the required information, or does not contain the necessary data for entry.