Many a time have I seen contracts titled “agreements”, but are they different under PR law? Both terms are used indistinctly here, and give the fact that Puerto Rico is a hub of international commerce because of our unique cultural, language and political duality, private documents between two parties are named “agreements” frequently. Obligations drafted…
Tag Archive: Corporate Law
Puerto Rico Law 75 – Exclusive Distribution Rights for Products in Puerto Rico
Exclusive distribution rights in Puerto Rico are granted under Law Number 75 of June, 24, 1964 (10 L.P.R.A. § 278, et.seq.). This law, drafted at a time when marketing and importation strategies depended on the commitment of foreign and stateside large corporations to introduce new essential consumer products into the Puertorrican market, intended to grant…
A Contract Without Consideration?
A question I am asked frequently is how can a contract not have consideration in Puerto Rico. Due to our civilist tradition, contracts in Puerto Rico are defined as a personal obligation “to give, do, or not do”. This vague definition protects agreements that lack consideration. A free contract in our jurisdiction has as its…
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