Commercial transactions are agreements between two parties for the provision of services or the supply of goods in accordance with predetermined terms. Commercial transactions can be of several types: international and domestic, main and auxiliary, unilateral and multilateral, real and consensual, causal and abstract, indefinite, urgent or conditional.
Business deal concept
A commercial transaction is a mutually beneficial exchange of goods between several parties, as well as an action that can change or terminate the legal relationship of individuals or legal entities. Commercial transactions vary depending on the specifics of the business and are divided into several main types.
Types of commercial transactions
1. International and domestic transactions.
Representatives of foreign countries are involved in international commercial transactions. Internal transactions are concluded between representatives of the same country. They can also be attended by foreign companies that were registered in the country of the seller or the buyer.
2. Main and auxiliary transactions.
The main commercial transactions include: the sale and purchase of goods (licenses, patents, technologies, etc.) and technical services, the lease of services, works and goods, the lease of factors of production, as well as the organization of international tourism.
Ancillary transactions are agreements that regulate the delivery of goods or services from the seller to the buyer. Ancillary transactions include insurance, transportation and storage of goods, as well as banking transactions between the parties.
3. Unilateral and multilateral transactions.
Unilateral transactions are such agreements, for the conclusion of which the participation of one party is sufficient. Multilateral transactions involve the conclusion of an agreement with the participation of two or more interested parties.
4. Real and consensual deals.
Real transactions are agreements that are concluded subject to the actual transfer of the object of the transaction (property) by one of the participants. Real transactions include rent, storage, or borrowing. To make a consensual transaction, it is enough to sign the corresponding agreement.
5. Causal and abstract transactions.
Causal transactions are transactions whose execution must be consistent with their legal purpose. For example, when concluding a sales contract, the seller will be able to receive payment for his goods only by transferring it to the other party in accordance with the accepted agreement.
An abstract transaction is a transaction, the reality is regardless of the legitimacy of the purposes of its parties (for example, a bank guarantee or a bill). So, paying with a bill of exchange, the buyer undertakes to pay for the goods, regardless of whether it was delivered or not.
6. Urgent, unlimited and conditional transactions.
Forward transactions are agreements in which the moment of their entry into force or the moment of their termination is determined.
Perpetual transactions are transactions in which the term for their execution is not determined, as well as the conditions that could determine this term are not prescribed.
Contingent trades are trades whose execution depends on the circumstances. Such transactions can be suspensive (when the emergence of rights or obligations depends on the occurrence of a certain event) or canceled (when the termination of the transaction depends on the occurrence of the relevant conditions).
7. Barter / compensation transactions.
These are transactions involving direct exchange of goods between the parties. Barter is a secondary transaction that does not require the involvement of cash or non-cash funds.
8. Options.Option is a transaction according to which a product can be bought or sold only after a certain premium has been paid. A pre-premium option gives the right to buy a commodity, and a reverse-premium option gives the right to sell it.
9. Spot. A spot is a transaction that involves the sale and purchase of goods on the terms of their instant transfer to a new owner.