Task 3 Fill in the gaps choosing the correct word. Only one word is correct.

25. If the parties do not come to an agreement, all disputes and differences ______ to arbitration in Helsinki.

a) would be submitted b) will be submitted c) will submit;

26. In contract, Private International Law deals _________ controversies between private persons, natural or juridical, arising out of situations having significant relationship to more than one nation.

a) to b) _____ c) with;

27. The purposes of the UCC are set ____ in one of its initial passages.

a) up b) out c) _____;

28. Article 2 ______ to transactions in goods.

a) applies b) apply c) is applied;

29. The UCC contains and governs _________ of the law applicable to ordinary commercial

transactions.

a) many b) few c) much;

30. The UCC makes uniform the law _________ the various jurisdictions.

a) among b) between c) over;

31. There is a distinct difference between a code and ________ statutory enactments.

a) another b) other c) others

32.A promise or contract _________ if it has been completed or performed.

a) executes b) is executed c) executed;

33. Delivery __________ on January 1 with payment to follow on January 30.

a) is made b) made c) is to be made;

34.Contracts which take more than one year to perform usually __________ in writing.

a) must be b) must c) should be;

35. A lease _____ usually _____ and states the tenant’s right and obligations.

a) writes b) is writing c) is written;

36.Both parties must enter into a contract _________.

a) freely b) free c) free-will;

37.Consideration is legally sufficient when both parties receive what they agreed _____.

a) by b) with c) on;

38.In the event of delay in delivery of the machinery, the Seller __________ pay the Buyer a penalty.

a) is to b) should c) shouldn’t

39.The principal general law _________ contract is the Civil Code.

a) to govern b) governing c) governed

40.Selected types of contracts and agreements _________ by special laws.

a) are governed b) is governed c) governed

41.Vari­ous interpretive rules recognized in foreign trade also ________ an impor­tant role in international commercial relations.

a) played b) will play c) play

42.The parties to a contract can _____ to diverge from certain provisions of the interpretive rules.

a) agree b) to agree c) agreed

43. ________ agreement may be explicit.

a) This is b) These are c) This

44. The purchase contract is _______________ type of contract used in foreign trade.

a) the most important b) most important c) importanter

45.A substantial portion of international commer­cial exchange _________via exchange of goods based on signed purchase contracts.

a) are executed b) is executed c) executed

Task 4 Fill in the missing prepositions. Each is used more than once.

on in to

Modern commercial practice relies ____(46)_____ a growing extent _____(47)_____ arbit­ration to handle disputes, especially those that arise _____(48)_____ international transactions.

Most contracts are agreements. Contract law may cover agreements relating _____(49)_____transfers of merchandise, land, building, services, and other things tangible. The law is never static; it is always _____(50)____ change, growing or retreating, which also effects notions of justice, and the need for some absolutes.

Bankruptcy

Bankruptcy is the state of person who has been adjudged by a court to be insolvent. The court orders the compulsory administration of a bankrupt's affairs so that his assets can be fairly distributed among his creditors.

To declare a debtor to be bankrupt a creditor or the debtor himself must make an application known as a bankruptcy petition either to the High Court or to a country court.

If the petition is accepted the court makes a bankruptcy order. Within three weeks of the bankruptcy order, the debtor must usually submit a statement of affairs, which the creditors may inspect. This may be followed by a public examination of the debtor. After the bankruptcy order, the bankrupt's property is placed in the hands of the official receiver. The official receiver must either call a creditor's meeting to appoint a trustee in bankruptcy to manage the bankrupt's affairs, or he becomes trustee himself. The trustee must be a qualified insolvency practitioner. He takes possession of the bankrupt's property and, subject to certain rules, distributes it among the creditors.

Our society has a history of harsh treatment of debtors. At one time it maintained prisons to punish persons unable to pay off their obligations. Our Constitution, however, took a more enlightened approach. The authors of the Constitution offered an alternative to imprisoning such individuals or, perhaps just as debilitating, leaving them to suffer under overwhelming debt loads for years. In the USA, Congress is given the power to "establish... uniform Laws on the subject of Bankruptcies throughout the United States." In other words, Congress was authorized to provide a procedure whereby citizens overburdened with debt could be discharged (released) from their obligations.

The word bankrupt is not used in the Bankruptcy Code. Instead, the word debtor is used. This omission was intentional perhaps to avoid applying the stigma of the term it replaced to those who seek the protection of the code.

The word bankruptcy, however, has acquired a legal meaning. It refers to the procedure by which debtors' eligible assets are utilized to discharge them from some, if not all, of their obligations. Note that the discharge of debts through bankruptcy is available to a debtor only once every 6 years and that the debtor's credit record typically reflects the discharge for 10 years. However, neither government bodies nor private employers can discriminate against someone who has gone through bankruptcy (for example, by firing). Nevertheless, seeking protection under the Bankruptcy Code provisions is an option that should be considered only as a last resort.

Дата добавления: 2015-10-30