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What are the consequences of breaching a contract in Mexico?
Through the execution of a contract two or more persons create or transfer rights and obligations, [1] however, there is a risk that one of the parties or even both will breach the agreement. Nonperformance is the failure to comply with contractual obligations...
Mexican court issues new decision on the rescission of a commercial purchase and sale contract.
Background In a purchase and sale agreement one party undertakes to transfer goods or property, and the other party agrees to pay a specified price for them. [1] When the sale and purchase contract is business-oriented, it is regarded as a commercial purchase and sale...
Is it necessary to include in a promissory note a competent court in case of a lawsuit?
Background Pursuant to article 170 of the General Negotiable Instruments and Credit Transactions Law (the "Law") a promissory note is a negotiable instrument that must contain the following elements to be valid: I. The word pagaré (promissory note) inserted in the...
Is the Insurer’s obligation to pay capitalized interests to insured parties constitutional?
Capitalized interests [1] in commercial agreements is a term permitted by the Mexican Constitution as long as it is not used in an abusive manner on someone else’s property, nor does it generate excessive interest on the debtor’s part. Article 276 paragraph II of the...
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