Rights and obligations regarding customers and partners arise, change and terminate due to the conclusion of transactions. What is a deal? In civil law, a transaction is defined as "the action of a citizen or legal entity aimed at establishing, terminating or changing civil duties and rights" (Article 153 of the Civil Code). A transaction is an action of a certain person. Such natural phenomena as floods, hurricanes, fires, strikes and military operations, although they lead to legal consequences, are not transactions. What is a transaction, from the point of view of the law? This is an exclusively legitimate act committed within its framework. Causing damage to the life, health or property of another person is not recognized as a transaction, since such behavior is beyond the boundaries of the law. We have decided what a transaction is, now we will consider two of its types: fiduciary and legal transactions.
Fiduciary transaction
By the nature of the relationship between the parties, the transaction may be fiduciary and non-fiduciary. A fiduciary transaction is a transaction based on the
trusting relationship of both participants. The main feature that distinguishes fiduciary transactions from others is that if the nature of the relationship between the parties changes, then the loss of trust may be the reason for the termination of the relationship. The principal and the attorney in the
contract of assignment have the right to withdraw from the contract at any time. An example of such a transaction can be an agreement to order the sale of a car. The principal (authorizing to sell the car) and the attorney (the one to whom they were instructed) can at any time terminate the transaction with reimbursement of the costs to the other party, if, of course, there were such.
Legal transaction
Roman lawyers did not develop the concept of a legal transaction. The terms used by them (gestum, negotium, actum, actus) have no specific technical meaning. The formulation of this concept is the merit of modern systematics. Usually, a legal transaction is understood as a private expression of the will to establish, terminate or change rights. Mutual relations between people and their attitude to the objects of the surrounding world are partly regulated by law and customs, partly the regulation of these relations (especially private rights) is provided to the interested parties themselves. Legal transactions are precisely a means of voluntary settlement of relations. A legal transaction does not exist until its will has been transformed from an objective form to a subjective one, that is, until its content is perceived by the interested parties to whom this will was addressed. Therefore, a simple intention, for example to bequeath to someone their property, does not have legal force. On the other hand, in order for the expression of will to have legal consequences, the content of this will must be in accordance with the content of
objective law.So, we found out what a deal is, and also examined its two types. In fact, there are many more types of transactions , and for their detailed disclosure, you will need not just one, but a whole series of articles.