Colombian Commercial Code - Decree 410 of 1971 - Book IV - Of Contracts and Corporate Obligations - Part I - From Corporate Obligations - Title I - General Obligations - Chapter IV - General Contract - From: Section 864 By: Art 872
COLOMBIAN COMMERCIAL CODE CHAPTER IV The general contract Article 864 .- The contract is an agreement of two or more parties to establish, regulate or extinguish including a patrimonial legal relationship, unless otherwise stipulated, be deemed held at the residence of the proposer and by the time it receives the acceptance of the proposal. It is presumed that the bidder has received the acceptance if the recipient proves the remission of it within the terms laid down in Articles 850 and 851. Article 865 .- In multilateral legal transactions, the failure of one or more of the contractors will not release their obligations to others, unless it appears that the business was held in regard to such contractors or without them is not possible to achieve the intended purpose . Article 866 .- Where contracts are concluded with earnest, that is, giving something as a pledge of its conclusion or implementation, it is understood that each of the contractors may wi...