Ex. 1. Read and translate the text. Ex. 2. Paraphrase the following sentences using words and phrases from the text:

Ex. 2. Paraphrase the following sentences using words and phrases from the text:

A contract is an agreement between the parties that a court will enforce.

There are six elements of a valid contract.

If one party violates the contract’s terms, the injured party can seek legal recourse.

What can one party do if the other party fails to keep the promise?

Contract law proposes legal recourse to proteсt the reasonable expectations of the parties.

Money damages are the main form of injuries to the wronged party for a broken contract.

The buyer may argue that no other piece of land can replace the land mentioned in the contract.

The aim of remedies for a broken contract is to repay the wronged party for injuries.

(promise enforceable by law; must meet several conditions to be enforceable; fails to live up to the terms of the contract; purpose, breach of contract, redress; contractual breach; purchaser; offers a variety of remedies)

Ex. 3. Fill in the blanks with the appropriate words and phrases:

F A contract is an agreement between two or more parties to do something or ….

F A contract must meet several conditions to be ….

F … is the violation of a valid contract.

F What can one party do if the other party fails ….

F Contract law offers … to protect the wronged party.

F … to a breach of contract you might simply decide to cancel the contract.

F You might refuse to live up to your ….

F If money cannot repay the damage you suffered, you may ….

F This remedy is usually used when … goods are involved.

F … may argue that no other piece of land can … the land mentioned in the contract.

F The purpose of remedies for breach of contract is … to the wronged party.

F … are the main form of remedy for ….

(special or unique; as an injured party; enforceable; refrain from doing something; a variety of damages; to redress injuries; demand specific performance; a breach of contract; money damages, contractual breach; part of the bargain; the purchaser, replace; to live up to the terms of the contract)

Ex. 4. Complete the following sentences:

F A contract must meet several conditions ….

F A violation of a valid contract is called ….

F What can one party do if the other party fails …?

F If money cannot repay the damage you suffered, you may demand ….

F This remedy is usually used when ….

F The purpose of remedies for breach of contract is to redress injuries ….

F The wronged party can go to the court ….

F In some cases the injured party can collect damages – ….

F In their discretion, courts may also, in appropriate circumstances, ….

F Injunction is a court order that prohibits a certain activity ….

F Contract law offers a variety of ….

F The wronged party may demand specific performance – that the other party ….

(to the wronged party; remedies to protect the reasonable expectations of the parties; to be enforceable; financial compensation for the injury; special or unique goods are involved; fulfill all terms of the original contract; to live up to the terms of the contract; to enforce the contract provisions; a breach of contract; from taking place; specific performance; involve equitable remedies)

Ex. 5. Answer the following questions:

1. What is necessary for a contract to be enforceable?

2. How do you call a promise enforceable by law?

3. What do we call violation of a valid contract?

4. What can the injured party do if the other party fails to keep the promise.

5. What does contract law offer to protect the wronged party?

6. When can the injured party demand specific performance?

7. What is specific performance?

8. When is specific performance usually used?

9. What is the purpose of remedies?

10. What can the wronged party collect?

11. What is the main form of remedy for contractual breach?

12. Why did A. recover £125 damages?

13. What remedies may courts involve?

14. What is an injunction?

15. What is damage?

16. What do damages stand for?

Ex. 6. Ask questions to fit these answers.

1. A promise enforceable by law is a contract.

2. A contract must meet several conditions to be enforceable.

3. The injured party can go to court if the other party fails to keep promise.

4. A violation of a valid contract is called a breach of contract.

5. Contract law offers a variety of remedies designed to protect the wronged party.

6. An injured party to a breach of contract might decide to cancel the contract.

7. The wronged party might decide to sue the other party for damages up to the amount he/ she lost as a result of the breach.

8. An injured party may demand specific performance.

9. This remedy is usually used when special or unique goods are involved.

10. A court may order that the contract be fulfilled as originally agreed.

11. The purpose of remedies for breach of contract is to redress injuries to the wronged party.

12. The party can go to court to enforce the contract provisions.

13. Money damages are the main form of remedy for contractual breach.

14. A recovered £125 damages for his annoyance due to having his holiday spoilt.

15. Injunction is a court order that prohibits a certain activity from taking place.

Ex. 7. Read the text and match these headings with the paragraphs:

– A contract is a promise enforceable by law.

– Breach of contract.

– Injured party’s to a breach of contract decision.

– Specific performance.

– The purpose of remedies.

– Other decisions of court.

– Prohibitory injunction.

Ex. 8. Make up an oral summary of the text using the headings from ex. 7.

TEXT B

A contract is broken or breached when one of the parties fails to fulfill the contract’s terms.

In that case, the wronged party has several possible remedies. Money damages are the main form of remedy for a broken contract. But when money damages are inadequate, courts in their discretion may also in appropriate circumstances involve equitable remedies such as reformation, rescission and restitution. Rescission results when a court rules to cancel or rescind a contract. Both parties to a contract may agree with the court decision. But rescission typically occurs when one party has been wronged. A common case for rescission is the discovery that one party misled the other or misrepresented the facts at the time the contract was made.

An order of rescission is a court order that terminates the contractual duties of each party. Usually (but not always) such an order will allow each party to obtain restitution for any performance rendered to the other party. Rescission is granted as a remedy in a wide variety of contracts, including those involving voidable agreements (e.g. fraud, mistake, and innocent misrepresentation) and those involving illegal activity.

A person who alleges that he has been the victim of a misrepresentation will have a remedy if either a fraudulent, negligent or innocent misrepresentation has been committed. Misrepresentation is an untrue statement of fact.

A fraudulent misrepresentation is a statement, which is known to be false or made without belief in its truth. A fraudulent misrepresentation makes a contract voidable and gives the innocent party a right to damages.

A misrepresentation is innocent if the maker of the statement honestly and reasonably believes it to be true. In this case the innocent party has a right to damages if he has suffered loss.

A misrepresentation will be negligent if the maker believes it to be true but has no reasonable ground for that belief.

An order of restitution seeks to place a party in the position he or she was in before the contract was made.

Generally speaking, restitution is used not to enforce promises but to prevent unjust enrichment by returning the parties to their precontract positions.

Notes:

Inadequate	–	не адекватний
reformation	–	перетворення, покращення
rescission	–	анулювання, відміна, розтогнення
restitution	–	відновлення первісного правового статусу, реституція
cancel	–	відмінити, анулювати
rescind	–	відмінити, анулювати
occur	–	траплятися
mislead	–	вводити в оману
misrepresent	–	перекручувати (факти)
order	–	наказ, постанова (суду)
terminate	–	припиняти
obtain	–	одержати
voidable	–	такий, що може бути анульований, заперечний
allege	–	стверджувати, посилатися (на)
fraudulent	–	шахрайський
negligent	–	халатний, несумлінний, недбалий
innocent	–	наївний, невинний, незловмисний
false	–	фальшивий, неправдивий
honestly	–	чесно, дійсно
reasonably	–	розумно, справедливо
suffer loss	–	зазнати збитків (втрат)
ground	–	підстава, причина
seek	–	(тут) намагатися
enforce	–	примусити виконати через суд, за-безпечити санкціями
promice/ promise	–	обіцянка, обов’язок (за контрактом)
prevent	–	запобігти, попередити

Answer the following questions:

1. When is a contract broken?

2. What does the wronged party have in case of a broken contract?

3. What is the main form of remedy?

4. What other remedies may courts involve?

5. When does rescission result?

6. What is a common case for rescission?

7. What will an order of rescission allow each party to a contract?

8. What is a fraudulent misrepresentation?

9. When is rescission granted as a remedy?

10. What is an innocent misrepresentation?

11. When will a misrepresentation be negligent?

12. What is an order of restitution?

Exercises in Writing

Ex. 1. Write two paragraphs on: other forms of remedies for a broken contract.

Ex. 2. Translate the following sentences from Ukrainian into English.

1. Контракт вважається розірваним, коли одна із сторін не виконує своїх зобов’язань.

2. В цьому випадку постраждала сторона має право на судовий захист.

3. Грошова форма відшкодування збитків – це одна з головних форм судового захисту.

4. Суди, на свій розсуд, можуть забезпечити інші форми судового захисту.

5. Відміна контракту – це судова постанова анулювати контракт.

6. Відміна контракту трапляється тоді, коли одна із сторін зазнала збитків.

7. Судовий наказ про відміну контракту – це постанова суду, яка визначає зобов’язання кожної сторони за контрактом.

8. Якщо контракт сумнівний, або такий, що має відношення до незаконної діяльності, то потерпіла сторона має право анулювати контракт.

9. Потерпіла сторона має право на судовий захист, якщо шахрайство, або перекручення фактів мали місце при оформленні контракту.

10. Наказ про повернення збитків має за мету повернути сторони за контрактом на ті умови, які існували до оформлення контракту.

Oral Topic: Remedies for a Broken Contract.

Discuss this topic using Exrs. 7,8 for Text A and Ex. 1 for Text B.

UNIT 7

Consumer Credit

Study the following vocabulary notes for the text:

Consumer credit	споживчий кредит
short-term loan	короткострокова позика
intermediate loan	середньострокова позика
purchase	купівля
commodity	товар
service	послуга
personal consumption	особисте споживання
refinance	рефінансувати, додатково фінансувати
debt	борг
incur	зазнавати
lender	позикодавець, кредитор
cash loan	готівкова позика
sales credit	торговельний кредит
wages	зарплатня
salary	оклад, платня, зарплатня
durable consumer goods	товари довгострокового споживання
consumer goods	споживчі товари
installment loan	позика з виплатою у розстрочку
repay	повертати борг, виплачувати
payment	платіж, внесок
lump sum	одноразова сума, яка виплачується
home repair and moderni-zation loan	позика на ремонт будинку та його модернізацію
personal loan	позика приватній особі
credit-card purchase	купівля з використанням кредитної картки
single-payment loan	споживча позика з разовою виплатою
charge account	кредит по відкритому рахунку, наприклад, у магазині
retail store	роздрібний магазин
service credit	кредит для розрахунку за послуги

Translate the following sentences into Ukrainian:

It was not very difficult to get a short-term loan.

He intended to use the loan for his personal consumption.

You must get a loan to refinace your debt.

Which loan will suit you more: a cash loan or a sales credit?

Wages and salaries are a source of income of many people.

Durable consumer goods are expensive.

Installment loans are repaid in two or more payments.

Noninstallment loans are repaid in a lump sum.

Many people pay for their purchases with their credit-cards.

You can open a charge account in our store.

TEXT A

Consumer Credit

Short- and intermediate-term loans are used to finance the purchase of commodities or services for personal consumption or to refinance debts. The loans may be supplied by lenders in the form of cash loans or by sellers in the form of sales credit.

Consumer credit in industrialized countries has grown rapidly as more and more people have come to receive regular income in the form of fixed wages and salaries and as mass markets for durable consumer goods have become established.

Consumer loans fall into two broad categories: installment loans, repaid in two or more payments; and noninstallment loans, repaid in a lump sum. Installment loans include: 1. automobile loans; 2. loans for other consumer goods; 3. home repair and modernization loans; 4. per-sonal loans, and 5. credit-card purchases. The most common noninstallment loans are single-payment loans by financial institutions, charge accounts of retail stores, and service credit offered by doctors, hospitals, and utility companies.

Exercises

Ex. 1. Read and translate the text.

Ex. 2. Paraphrase the following sentences using the words and phrases from the text:

People usually use short and middle-term loans for buying commodities and services.

Lending institutions supply loans.

Money in coins and notes is seldom used to repay big debts.

Consumer credit is often used for buying durables.

Some loans are repaid in several installments.

You can pay for the television either in a single undivided sum or in monthly installments.

Service credit is offered by doctors, hospitals, and utility companies.

The bus service, the water supply, etc, are examples of useful services for the public.

Ex. 3. Fill in the blanks with the appropriate prepositions or adverbs:

F Consumer goods are purchased … consumers … their own personal consumption.

F Consumer durables are usually expensive items bought … credit.

F Consumerism, an organized movement to protect the interests … consumers, is an answer … the growing technical complexity … products.

F Consumer nondurables (coffee, beefburgers, hair shampoos, etc.) give satisfaction … consumers … the time … immediate (безпосередній) use.

F If the firm has chosen to operate … a particular market, it must learn the needs … its customers.

F They have chosen this brand … a product … preference … others which are sold … this market.

F Consumer protection is a general term used to describe various pieces … legislation aimed … protecting consumers.

(to – 3, at – 2, of – 6; by – 1, for – 1, in – 3, on – 1)

Ex. 4. Complete the following sentences:

F A buyer of final goods or services for his/ her personal con-sumption need is ….

F A card issued by a financial institution and used to purchase goods and services on credit ….

F Most people in the West prefer to pay for goods and services by ….

F One of credit facilities is ….

F Installment credit is repaid ….

F Monthly payments (or installments) include ….

F Charge accounts are offered ….

(interest charges; credit cards rather than cash; a consumer; installment credit; by monthly payments; is called a credit card)

Ex. 5. Answer the following questions:

1. What are short and intermediate-term loans used for?

2. Who can supply loans to customers?

3. Can lenders offer cash loans?

4. In what forms do sellers supply loans?

5. Why has consumer credit grown rapidly?

6. What kind of mass markets have become established of late?

7. What categories do consumer loans fall into?

8. What do installment loans include?

9. What are the most common noninstallment loans?

10. Who offers service credit?

11. Do retail stores offer charge accounts?

Ex. 6. Ask questions to fit these answers:

1. Short- and intermediate-term loans are used to refinance debts.

2. More and more people have come to receive regular income in the form of fixed wages and salaries.

3. Installment and noninstallment loans are two broad categories of consumer loans.

4. Credit-cards are used to pay for purchases.

5. Single-payment loans are issued by financial institutions.

Ex. 7. Read the text and match these headings with the paragraphs:

– Loans used to finance the purchase of commodities or services for personal consumption.

– Consumer credit growth.

– Two categories of consumer loans.

Ex. 8. Make up an oral summary of’ the text using the headings from Ex. 7.

TEXT B

Credit is a financial facility which enables a person or business to borrow money to purchase products, raw materials and components, etc. and to pay for them over an extended time period. There are various forms of credits: bank loans, overdrafts, an installment credit, credit cards and a trade (sales) credit.

Interest charges on credit may be fixed or variable according to the type of credit. In some cases, loans may be interest free as a means of stimulating business.

Firms exercise credit control over their trade debtors to ensure that customers pay their debts on time and to minimize the risk of bad debts.

In 1974 a UK act – Consumer Credit 1974 for licensing of persons and businesses engaged in the provision of consumer credit and the regulation of debtor-creditor contracts was adopted. According to this Act, only ‘fitand proper’ persons are allowed to provide consumer finance. Consumer Credit Act 1974 also gives borrowers certain rights in respect of withdrawal from an agreement. It also allows them to complete payments ahead of time and to terminate the agreement. The Act contains important provisions protecting creditors from too high rates of interest.

Notes for the text:

Financial facility	–	фінансова послуга
extended time period	–	довгий проміжок часу
means	–	засіб
Consumer Credit Act 1974	–	Акт про споживчий кредит від 1974 р.
engaged in the provision of consumer credit	–	залучний до надання споживчого кредиту
debtor – creditor contract	–	договір між боржником та креди-тором
withdrawal from an agree-ment	–	відмова від угоди

Answer the following questions:

1. What is credit?

2. What forms of credit do you know?

3. May loans be interest free?

4. Do firms exercise credit control over their trade debtors?

5. When was Consumer Credit Act adopted in the UK?

6. What does it regulate?

Exercises in Writing

Ex. 1. Write 2 short paragraphs on credit.

Ex. 2. Translate the following sentences from Ukrainian into English.

1. Короткострокові та середньострокові позики використо-вуються для купівлі товарів та послуг для особистого користування, або для рефінансування боргів.

2. Позики можуть надаватися кредитором у формі готівкової позики, або продавцем у вигляді кредиту.

3. В розвинених країнах швидко зростає використання споживчого кредиту.

4. Позики, які сплачуються шляхом внесення двох або більше платежів, називаються позиками з виплатою у розстрочку.

5. Позики з виплатою у розстрочку включають: позики на купівлю автомобілів, позики на купівлю споживчих товарів, позики на ремонт та модернізацію будинку і деякі інші.

6. Можна купувати речі, розраховуючись кредитною карткою.

7. Найпоширенішими видами позик, які погашаються у розстрочку, є кредит для розрахунку за послуги лікарів, лікарень, компаній з наданням побутових послуг та кредити по відкритому рахунку у роздрібних магазинах.

Oral Topic: Consumer Credit.

Discuss this topic using Exrs. 7, 8 for Text A and Ex. 1 for Text B.

UNIT 8

Commercial Paper

Study the following vocabulary notes for the text:

Commercial paper	1. короткостроковий комерційний вексель; 2. мн., амер. комерційні папери
promise	обіцянка, зобов’язання e.g. promise to pay – обіцянка заплатити
order	наказ; розпорядження
instrument	інструмент, документ
draft	тратта; переказний вексель
check (Am.)/ cheque (Br.)	чек
promissory note /note	боргове зобов’язання. простий вексель
negotiable instrument	інструмент, який передається третій особі (ant. – nonnegotiable instrument)
qualify as	відповідати відповідним вимогам як…
certificate of deposit	депозитний сертифікат
drawer	трасант
drawee	трасат
payer	платник
payee	отримувач платежу, ремітент
payable	такий, що має бути сплачений
accept	приймати, акцептувати
acceptor	акцептант
acceptance	акцепт, згода на оплату грошових та товарних документів
indorse	індосувати, робити передаточний напис
indorser /endorser	індосант
indorsement /endorsement	індосамент, передаточний напис
indorsee /endorsee	індосат
signature	підпис
sing	підписувати
be liable on the instru-ment	бути зобов’язаним по інструменту
holder	держатель
bearer	пред’явник

Translate the following into Ukrainian:

A negotiable instrument is a form of commercial paper.

The most common examples of a negotiable instrument is a check.

Drafts, certificates of deposits, and promissory notes are also sometimes considered negotiable instruments.

The cheque must be signed by the maker or drawer.

This cheque is payable to the bearer.

TEXT A

Commercial Paper

The term “commercial paper” refers to written promises or orders to pay sums of money arising from the use of such instruments as drafts, checks (Br. cheques), and promissory notes. These instruments may be either ‘negotiable’ on ‘nonnegotiable’, depending on their terms. For an instrument to qualify as a negotiable instrument, it must meet some requirements.

There are four kinds of commercial paper: drafts, checks, notes, and certificates of deposit. Drafts and checks contain orders to pay money. The person to whom the order is addressed is the drawee, the person to whom the order is payable is the payee, and the person issuing the instrument is the drawer.

In contrast to drafts, notes contain promises to pay, and have only two parties. The maker is the person making the promise to pay, and the payee is the person to whom the note is payable.

In many instances two other classes of persons may become parties to it, the acceptor and the endorser. An acceptance occurs if the holder of a draft presents it to the drawee for his/ her signature; by signing, the drawee becomes the acceptor and is thus primarily liable on the instrument. The endorser, in most instances, is the owner of an instrument who signs his/ her name on the back of it before delivering it to a third party, the endorsee.

This procedure is known as endorsement. Other persons are the holder and the bearer. The holder is any person who possesses a negotiable instrument which is payable either to the bearer, to his or her order, or to the endorsee of such an instrument.

Exercises

Ex. 1. Read and translate the text.

Ex. 2. Paraphrase the following sentences using the words and phrases from the text:

There must be an unconditional promise or order to pay a certain sum of money in a negotiable instrument.

A certain sum of money is paid to the bearer of this check.

Special endorsement names the person to whom the instrument is payable.

You can profit from the instrument.

This instrument can only be deposited to the indicated account.

If the instrument is negotiable the purchaser may be considered as a holder.

The drawer writes out the instrument.

Ex. 3. Fill in the blanks with the appropriate words and phrases:

F Qualified endorsement …. Words stating that the … is not guaranteeing payment of the instrument.

F Restrictive endorsement … the negotiability of the instrument.

F … is useful if an instrument (usually a check) is lost or stolen.

F Any person who has found a lost … with the restrictive … on the back of it can not … it.

F Commercial paper is a … to pay a specified ….

(check, endorsement, cash; limits: written promise, sum of money; contains, endorser; restrictive endorsement)

Ex. 4. Complete the following sentences

F Special endorsement specifies the person to whom ….

F Only the person whose name appears after “Pay to the order of …” can ….

F An example of the most common restrictive endorsements is ….

F The qualified endorsement of “Without Recourse (signed)” limits ….

F It the endorsement of the check is blank, the check ….

F A negotiable commercial paper is ….

F In order to be negotiable the instrument must be signed ….

F One of the requirements which a negotiable instrument must satisfy is the requirement ….

(profit from the instrument; by the maker or drawer; ”For Deposit Only”; the instrument is payable; to contain an unconditional promise or order to pay a specific sum of money; payable on demand or at a definite time; the endorser’s liability; is payable to anyone who holds it)

Notes:

Without recourse	–	без права регресу, тобто без права векселедержателя вимагати від векселедавця оплати опротесто-ваного векселя
‘Pay to the Order of …’	–	“Платити за наказом …”

Ex. 5. Answer the following questions:

1. What does the term “commercial paper” refer to?

2. Are such instruments as drafts, cheques, promissory notes kinds of commercial paper?

3. How many kinds of commercial paper do you know?

4. How can you define the following terms:

a) the drawer;

b) the drawee?

5. What are the names of the parties to the note?

6. Who is the maker of the note?

7. Is the payee the person to whom the note is payable?

8. Are the acceptor and the endorser two other classes of persons who may become parties to the note?

9. Who signs the note?

10. Is the acceptor of the note primarily liable on it?

11. It the endorsee a third party to the note?

12. Is the bearer of a negotiable instrument a person to whom this instrument is payable?

Ex. 6. Ask questions to fit these answers:

1. For an instrument to qualify as a negotiable instrument, it must meet some requirements.

2. Drafts and checks contain orders to pay money.

3. The drawee is a person to whom the order to pay a specific sum of money is addressed.

4. The person to whom the order is payable is the payee.

5. The drawer is a person who issues the instrument.

6. The promise to pay is made by a person, known as “the maker” of the note.

7. The acceptor is a person who accepts the note.

8. By signing the note the drawee becomes the acceptor.

9. The acceptor is liable on the instrument.

Ex. 7. Read the text and match these headings with the paragraphs:

– Commercial paper as the term referring to drafts, checks and promissory notes.

– Four kinds of commercial paper.

– The maker and the payee.

– The acceptor and the endorser.

– The holder and the bearer.

Ex. 8. Make up an oral summary of the text using the headings from ex. 7.

TEXT B

Commercial Paper

Commercial paper is a form of personal property (remember that personal property is property that is movable) that is especially important in business. Commercial paper is a written promise to pay a specified sum of money. It includes cheques, money orders, drafts, and promissory notes. In the USA commercial paper such as checks (Br. cheques) and drafts are substitutes for U.S. currency. Promissory notes are used for credit purposes.

In order for commercial paper to be negotiable, or transferable, to other people, it must satisfy certain requirements. It must: be signed by the maker or drawer, contain an unconditional promise or order to pay a specific sum of money, be payable on demand or at a definite time, and be payable to order or to the bearer.

In order to be exchanged for cash, commercial paper must be endorsed. An endorsement is the signature of the person to be paid. It is usually written on the back of a negotiable instrument. An endorsement sets the limits of liability for the endorser.

A blank endorsement makes no specific restrictions on the use of the check. It should be made only at the time a check is cashed as the check is payable to anyone who holds it.

A restrictive endorsement limits the purpose for which a check can be used. A common restrictive endorsement is “For Deposit Only”.

There is also qualified endorsement and special endorsement. A qualified endorsement indicates that the endorser does not guarantee payment of the check if the checking account of the original maker contains insufficient funds.

A special endorsement identifies a specific party to whom the instrument is payable: ‘Pay to the Order of …’.

Notes:

Restriction	–	обмеження
cash	–	обмінювати на готівку

Answer the following questions:

1. Is commercial paper a form of personal property?

2. What is personal property?

3. Give the definition of commercial paper.

4. What kinds of commercial paper do you know?

5. Are promissory notes used for credit purposes only?

6. What kind of requirements must any commercial paper meet to be negotiable?

7. What must be done in order to make commercial paper cashable?

8. What is an “endorsement”?

9. What kind of endorsements do you know?

10. What’s the difference among different kinds of endorsements?

Exercises in Writing

Ex. 1. Write 2 paragraphs on commercial paper.

Ex. 2. Translate the following sentences from Ukrainian into English.

1. Тратти, чеки, боргові зобов’язання різних типів – все це комерційні папери.

2. Ці інструменти можуть бути такими, які передаються або не передаються третій стороні.

3. Тратти та чеки містять наказ сплатити гроші.

4. Особа, до якої адресовано наказ сплатити гроші, – трасат.

5. Особа, якій мають сплатити гроші, – отримувач платежу.

6. Особа, яка виписує тратту, – трасант.

7. Держатель тратти подає її трасату на підпис.

8. Якщо трасат підписав тратту, він стає акцептантом, тобто головним відповідальним по цьому інструменту.

Oral Topic: Commercial Paper.

Discuss this topic using Exrs. 7,8 for Text A and Ex. 1 for Text B.

UNIT 9

Sales. Introduction to the Law of Sales

Study the following vocabulary notes for the text:

Sale	продаж
transaction	угода
on credit	в кредит
for money	за гроші
transfer	передача
tangible	матеріальний
personal	особистий
property	майно
title to goods	титул(право) на товар
purchase	купувати, купівельний
price	ціна
buyer	покупець
seller	продавець
movable	рухомий
immovable	нерухомий
intangible	нематеріальний
evolve	походити, виникати
go back (to)	відноситися до (про дату, час)
merchant court	суд у комерційних справах
resolve	вирішувати
adopt	приймати
comprehensive	вичерпний
cancel	відмінити
UCC – Uniform Commer-cial Code	єдиний комерційний кодекс
refuse	відмовитися
delivery	поставка, доставка
demand	вимагати
deposit	депозит, вклад
incur	зазнати (втрати), наражати на щось
bargain	угода, торг, вдала покупка
withhold	затримувати, утримувати, не давати
repossess	відновлення володіння
warranty	гарантія
guarantee	гарантія
express	явновиражений
implied	припустимий, такий, що мається на увазі
malfunction	погано функціонувати (про апаратуру)
full refund	повне відшкодування
waive	відмовляти(ся), відкласти
resolve dispute	вирішувати суперечку
sue	подати до суду
fulfil	виконувати
promise	обіцянка
advertisement	реклама
tort law	деліктне право
producer	виробник
manufacture	виробляти (товар)
disclaim	відмовлятися

Translate the following sentences into Ukrainian:

Sales law involves the sale of goods or services for money or on credit.

A sale is a transfer of title to goods from the seller to the buyer for a price.

Sales law goes back to ancient English law that consisted largely of the customs of merchants.

Many such customs and practices were adopted in the United States as part of common law.

The Uniform Commercial Code (UCC) is a comprehensive commercial law, it describes, the rights of buyers and sellers in a transaction.

Under the UCC the buyers can cancel the contract, refuse delivery and demand the return of any deposit.

Under the UCC the sellers have several options.

The sellers can cancel the contract, withhold delivery and sell the goods to other buyers.

A warranty is a guarantee by a seller that the goods will be of a certain quality.

Warranties may be express or implied.

TEXT A

Sales. Introduction to the Law of Sales

The law of sales derives form contract law, since a sales agreement, or sales transaction, is a special kind of contract that is entered into millions of times each day. Sales law involves the sale of goods or services for money or on credit. Sales law is concerned with the transfer of tangible personal property. A sale is a transfer of title to goods from the seller to the buyer for a price. All the rights that the seller has in a specific object are transferred to the buyer when the buyer pays the purchase price to the seller. The objects that may thus be transferred may be movable or immovable and tangible or intangible.

Sale law has evolved in distinct manner. It goes back to ancient English law that consisted largely of the customs of merchants and included a system of merchant courts to resolve disputes. Many of these customs and practices were adopted in the United States as part of common law.

Later the Uniform Commercial Code provided uniformity in all commercial laws, including sales law. The Uniform Commercial Code (UCC) is a comprehensive commercial law, it describes the rights of buyers and sellers in a transaction.

Under the UCC, buyers who believe that sellers have not lived up to their end of the bargain have several options. They can cancel the contract, refuse delivery and demand the return of any deposit. They can also buy the same product elsewhere and sue the original contract or to recover any losses they may have incurred.

Sellers who believe that buyers have not lived up to their end of the bargain also have several options. They can cancel the contract, withhold delivery and sell the goods to the other buyers. If the goods have already been delivered, they can sue the buyer for the purchase price or repossess the goods.

Article 2 of the UCC is partially devoted to laws governing warranty. A warranty is a guarantee by a seller that the goods will be of a certain quality. It they are below that quality, the buyer may sue for the difference in value.

Warranties may be express or implied. An express warranty is one whose terms are specifically stated by the seller. For example, many stereo systems are warranted for 90 days. If they malfunction within that period, they can be returned for a full refund.

An implied warranty is one that is dictated by law. Implied warranties include the notion that a product fulfils the promise made by advertisements and that it serves the purpose for which it was manufactured and sold. Unfortunately warranties are easily limited, waived or disclaimed. As a result more and more dissatisfied customers are using tort law to sue producers.

Exercises

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