2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Rights and obligations in relation to customers and partners arise, change and terminate due to the conclusion of transactions. What is a deal? In civil law, a transaction is defined as "an action of a citizen or legal entity aimed at establishing, terminating or changing civil obligations and rights" (Article 153 of the Civil Code). A transaction is an action of a certain person. Natural events such as floods, hurricanes, fires, strikes and hostilities, although they lead to legal consequences, are not transactions. What is a transaction, from the point of view of the law? This is an exclusively lawful action performed within its framework. Causing harm to the life, he alth or property of another person is not recognized as a transaction, since such behavior goes beyond the boundaries of what is permitted by law. We have decided what a transaction is, now we will consider its two types: fiduciary and legal transactions.
Fiduciary Deal
According to the nature of the relationship between the parties, the transaction can befiduciary and non-fiduciary. A fiduciary transaction is a transaction based on a trusting relationship between both participants. The main feature that distinguishes fiduciary transactions from others is that if the nature of the relationship between the parties changes, then the loss of trust may become a reason for terminating the relationship. The principal and the attorney in the contract of agency have the right to withdraw from the contract at any time. An example of such a transaction would be a contract for the sale of a car. The principal (instructing to sell the car) and the attorney (the one who was instructed) can at any time terminate the transaction with reimbursement of costs to the other party, if, of course, such cases took place.
Legal deal
Roman jurists did not develop the concept of a legal transaction. The terms they use (gestum, negotium, actum, actus) have no specific technical meaning. The formulation of this concept is the merit of modern taxonomy. Usually, a legal transaction is understood as a private expression of will to establish, terminate or change rights. Mutual relations between people and their relation to the objects of the surrounding world are partly regulated by law and customs, partly the regulation of these relations (especially private law) is left to the interested parties themselves. Legal transactions are just a means of voluntary settlement of relations. A legal transaction does not exist until its will has been transformed from an objective form into a subjective one, that is, until its content is perceived by interested parties, toto whom the will was directed. Therefore, a simple intention, for example, to bequeath one's property to someone, has no legal force. On the other hand, in order for the expression of will to have legal consequences, it is necessary that the content of this will correspond to the content of objective law.
So, we found out what a deal is, and also considered two types of it. In fact, there are many more types of transactions, and for their detailed disclosure, you will need not even one, but a whole series of articles.
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