The pact of concession in private law contracts

Abstract

Arrha confirmatoria and Arrha poenitentialis are common covenants in Colombian Law contracts, especially when it comes to sales, or sales promises. However, several practical problems often arise from ignorance of the might of the figure and its true scope. The objective of this paper is describe the basic elements necessary to understand this concept, as well as some practical issues that should be considered to avoid a few inaccuracies when incorporated into a contract.

Keywords

• Contratos, compraventa, promesa, arras