Commercial contracts are those agreements which purpose is to produce or convey rights and obligations from a business transaction. Let us remember that a business transaction is an action executed by an individual or a company with the purpose of obtaining an economic benefit.
Therefore, to identify if we’re talking about a Commercial Contract, it is needed to assess if the contract’s goal falls on a business action. On this kind of contracts, each one of the parties is compelled in the way and terms they chose to, so that the validity of the business transaction doesn’t depend on formalities or specific requirements, except to those that require some kind of special formality, demanded by the law, according to what is foreseen in Commercial’s Code article 78th.
Commercial Contracts are the main source for business obligations, and one of this contract features is that the parties’ will is considered as supreme law, while in the object the parties’ particular interests are reflected. Commercial contracts are similar to civil contracts since the contracting parties are equal, different to other contract types like administrative contracts where exists an inequality between The State and the contracting party.
Likewise, this kind of contracts possesses an innovative nature since they use some novel clauses for the Mexican contractual business aspect, like the best efforts clause where one of the parties is compelled to give its maximum effort on their rendered services, to obtain the best result in the other party’s favor, so this is an advantage to enter into this kind of contracts instead a civil one.
These contracts can be classified, according to the case, by its content, the formality required, the parties nature or the rights’ and obligations nature to be acquired.
In general, these contracts can be classified in: nominate contract, unilateral or bilateral, onerous or free.
The Commercial Code and the rest of the Commercial applicable Laws rule these kinds of contracts, additionally; the Civil Code provisions regulate them.