1. Contrato: from the Latin contractus. The Real Academia Espa`ola (RAE) dictionary tells us that it is a written or oral agreement between parties related to a specific object or material and required to respect it. A second meaning of the word is a document that contains the terms of such an agreement. 2. Convenio: from the word appropriate in Spanish. The RAE tells us that it is a liquidation, an agreement or a contract. 3. Acuerdo: from the verb acordar in Spanish. The RAE offers several meanings of the term: 3. a resolution made in court, businesses, communities or related agencies; 3.b a deliberate resolution by one or more persons; Three.c. Agreement between two or more parties; 3.d. reflection or maturity in decision-making; 3.d.
Knowledge or sense of something; 3.f. opinion, report, deliberation; 3.g. Use of the senses, understanding, clarity; Etc. Although the Spanish Supreme Court defined this doctrine many years ago with the 2008 financial crisis, it has been greatly developed. This doctrine has the following fundamental characteristics: If this is not possible, the relevant party should also be obliged to take all available measures to attempt to execute the contract, as this is a fundamental condition for the subsequent assertion of the material impossibility of the benefit. The harshness is linked to a change in the economic situation which does not prevent a party from fulfilling its contractual obligations, but which makes the performance of the whole contract much less profitable for that party – or even costly for that party – so that its economic situation is compromised by the treaty. The language of these clauses can vary considerably depending on a number of factors. These provisions may include events that may reasonably affect or influence the target entity`s ability to conduct its business, the vendor`s ability to meet its obligations under the contract in question, or the specific conditions and perspectives of the target entity. On the other hand, these clauses may also provide exceptions to the buyer`s ability to enforce them, through amendments that affect “general market conditions” (unless they disproportionately affect the objective). As we can see, the three concepts reflect the idea of the agreement as it is used in the legal texts.
They are so closely linked that one is defined directly after the other and can be used interchangeably depending on the context. But now we want to highlight the differences between these terms.