Mercantile obligations in Mexican law
Mercantile obligations in Mexican law. Before that, the obligation is a legal link whereby a person called a debtor constitutes the need to give, do or not do something for the benefit of another person who is called a creditor. Classification:
• The obligations to give consist of the transfer of the property of the thing and the temporary alienation of the use or enjoyment of the thing.
• The obligations to make the debtor is obliged to carry out a fact.
• Obligations not to do, the debtor must refrain from doing a fact. Commercial obligations are subject to modalities that are term and condition.
• The term is a future event and of certain fulfillment, which suspends, be it the birth, be the resolution of an obligation and produces retroactive effects.
The term can suspend or extinguish something.
• The condition is a future event and of uncertain fulfillment, which suspends, be it the birth, the resolution of an obligation and produces retroactive effects.
The condition can suspend or resolve something. Obligations with a plurality of objects.
• Conjunctive obligations. The debtor is obligated to various things or events, together.
• Alternative obligations. The debtor is bound to one of two facts or one thing and fulfills this obligation by performing any of those facts or things. Obligations with a plurality of subjects.
In this type of obligations there are two classes: joint obligations and solidarity obligations:
• Joint obligations are when the debt is divided into the number of debtors or creditors that exist and each of these parties constitutes a debt; the parts of the debt must be equal.
• Solidarity obligations can be for several debtors or several creditors. And when one or more creditors have the right to require each of the debtors to fully comply with the obligation.
Compliance and breach of obligations
Compliance with obligations.
• Payment of obligations must be made at the time designated in the contract.
• They must be fulfilled in the place determined in the contract.
• When fulfilling the commercial obligation to give, the given thing must be delivered.
The breach of obligations the creditor has the right to:
•Require forced execution;
•Demand that damages be repaired;
•Exercise certain actions in order to preserve the debtor’s assets.
At Bandala Díaz García, we can advise you to fulfill an obligation and give you the best solution to your legal problems.