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Puerto Rico Business and Contract Law

3. Local Law Paper (Contracts/Civil Law Business Law).
Prepare a 700-1,050-word paper in which you describe the fundamentals of Business and Contract Law in the Commonwealth of Puerto Rico, according to the cases presented. In your paper, there must be reference to the specific facts of the cases portrayed, issues solved and legal grounds regarding the assigned topic. You shall demonstrate that you read the cases posted on Go to Class.
Write and essay in where you explain:
1) The concept of Mercantile Right in P.R. to tenor with the cases of the Supreme Court of Puerto Rico; Fish market Pink v. Lozada, 116 DPR 474 (1985) and Reece v. Ariela, 122 DPR 270 (1988).
2) The basic principles of contracts in Puerto Rico to tenor with the cases of the Supreme Court of Puerto Rico; Marias v. Municipality, 2003 TSPR 121 and Columbus v. Glamorous Nails, 2006 TSPR 16.
They must to make references to the facts of the cases, the controversy that are solved and the expressions that the court does on the assigned subject.
The cases of Fish market Pink v. Lozada and Reece v. Ariela, they are in Go or Class.
The cases of Marias v. Municipality and Columbus v. Glamorous Nails, they are in www.lexjuris.com.

I have attached the cases and other cases form Lexjuris.com they are translated to the best of my knoledge, I am also reading the case and studying them, want to have a general idea

if you need more assistance with the cases provided please let me know thanks

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1) The concept of Mercantile Right in P.R. to tenor with the cases of the Supreme Court of Puerto Rico; Fish market Pink v. Lozada, 116 DPR 474 (1985) and Reece v. Ariela, 122 DPR 270 (1988).
CONCEPT OF MERCANTILE RIGHT
Mercantile right is the negotiation or traffic that applies to commerce for the purpose of making a profit. This right is protected by laws that give a person or business entity the right to engage in commerce. According to Tulane University Professor Vernon V. Palmer (2001), Puerto Rico's mercantile law stems from various sources (primarily Spanish and US) and has different statutes for different areas that are relative to commercial and industry. In 1995, Puerto Rico adopted Articles 5, 7, 8, and 9 of the United States' Uniform Commercial Code and as such, greatly affected by legal changes and decisions in the US.
APPLICATION TO THE CASES
FISH MARKET PINK, INC. v. OSVALDO LOZADA CREEK
In June 1980, Lozado bought a boat that had been registered as a fishing vessel. In July 1980, Lozada (not a fisherman) sold a boat to Rosas. The sale included a loan amount for repairs necessary. In 1981, Rosas founded the Pink Company/Signature Fishing Market (???) and transferred the debt from a personal one to one of the business. In 1983 Lozada began collection attempts on the loan amount. The loan amount was being disputed by Rosas as not a valid claim.
According to the case provided, the loan would be mercantile as long as the following circumstances were met: "(1) If some of the contractors will be retailer...(2) If the lent things will be destined to transactions commercial" (PescaderĂ­a Rosas, Inc. V. Lozada, 116 DPR 474, 1985). That provided case goes on to discuss "the second type of transactions commercial, the regulated ones or by the Code of Commerce or the Civil Code. The article is not applicable to repair of all class of boats. The examination of the definition of the term 'ship' illustrates this asseveration. Although controversy on the individual, the term exists it includes to all sort of boats destined to commercial navigation" (PescaderĂ­a ...

Solution Summary

Information on concepts surrounding two cases of business and contract law.

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