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Puerto Rico Local Law Paper

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Running head: PUERTO RICO local law paper

Puerto Rico local law paper

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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" (Pescadera 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

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