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Promulgation and Enforcement of Principles of Commercial Law





There are four basic instruments for developing and promulgating principles of commercial law external to the contract itself: (1) treaties, (2) statutes, (3) court decisions (and occasionally decisions by arbitral bodies) and (4) gov­ernment regulations. Most International scholars also believe that legal prin­ciples can emerge from pronouncements of international organizations such as the United Nations and through the growth of international custom; but in most instances, these latter sources have less to do with actual day-to-day commercial arrangements then the four basic sources first enumerated.

Treaties.Treaties are documents that control relationships between nations. They may be negotiated and executed between two countries (bilat­eral treaties) or among a number of countries (multilateral treaties). Conceptually, they are devices by which each country voluntarily surrenders some sovereignty in order to enter into the agreement. In other words, there is no power currently in existence (other than perhaps victory in war) that can compel a country to enter into a treaty, but once a country enters into the treaty, it generally becomes bound to the terms of that treaty. There are, of course, occasional problems of enforcement of treaty obligations. The International Court of Justice at the Hague (sometimes referred to as the World Court) is viewed as an appropriate body to adjudicate disagree­ments under a treaty, but some countries consider themselves free to ignore the court's jurisdiction in certain circumstances.

There are three steps in implementing a treaty. First, the terms of the treaty are negotiated and the participating countries prepare a final draft. Second, the final version is signed by the participating countries as a signal that they approve the final version of the negotiated document. This does not mean, however, that the treaty becomes immediately enforceable. Third, the treaty is ratified by each country's government. The process of ratification differs from country to country. Some countries permit ratification decisions to be made by the executive authority. In other countries a legislative body must give its approval before the ratification process is complete. Fourth, treaties enter into forcewhen a sufficient number of countries (a number generally spelled out in the treaty itself) ratify the agreement. A country may acceedto a treaty, thus considering itself bound by the treaty's terms without formal ratification.



There are many different types of treaties that affect commercial rela­tionships. One of the most common is the bilateral treaty known as Treaties of Friendship, Cooperation and Navigation." Such treaties spell out many of the details of one country's commercial relationship with another. Multilateral treaties are having an increasing impact on commercial relations among countries.

Statutes.As the term is used in this section, statutes refers to the pro­mulgation of principles of law by the governments of individual countries that govern commercial transactions as a whole. In some countries, these principles are stated as part of the civil code. In the United States, private commercial dealings are governed mainly by statutes enacted by the legisla­tures in the individual states, rather than by the national government.

Court decisions. In virtually all countries, a great deal of commercial law is developed by courts' deciding individual cases brought by parties who claim to have suffered some legal injury in the context of a specific commer­cial undertaking. Many disputes arising out of international commercial agreements are first decided in the context of an arbitration proceeding, after which the winning party takes the arbitral award to some court for enforce­ment. In a common law system, the cumulation of individual court decisions leads to the development of legal principles (so-called "judge-made" law) that are just as valid as anything enacted by the country's legislature. Even in countries outside the common law system, the resolution of individual cases in court often helps fill in the gaps in that country's civil and commercial code.



Government regulations. In many countries with a centralized system of government, there is no difference between government regulations and statutes since virtually all authority flows directly from the central gov­ernment.

Look through the text once again and say whether the following sentences are true or false. Correct the false ones.

1. There are three basic instruments for developing and promulgating principles of commercial law.

2. Treaties are documents that control relationships between nations.

3. The international Court of Justice at the Hague is viewed as an appropriate body to conclude treaties.

4. There are four steps in implementing a treaty.

5. The process of treaty verifications doesn’t differ from country to country.

6. The most common type of treaties is Treaty of Friendship, Cooperation and Navigation.

7. Multilateral treaties are having a decreasing impact on commercial relations among countries.

8. A great deal of commercial law is developed by courts’ deciding individual cases brought by parties.

9. Many disputes are first decided in the context of an arbitration proceedings.

10. In a common law system, the cumulation of individual court decisions leads to the development of legal principles.

Language

1.Practise reading of the following words correctly. If necessary, use a good dictionary.

Discipline, facet, necessitate, legal jargon, survey, equity, righteousness, equate, judicial, controversy, enforceable, perjury, lawsuit, appellee, bilateral, detriment, legal, statute, promulgation, duress, trial, appellant, procedure, lawsuit

2. Find in the texts the words similar in meaning to the following.

Human behaviour; set of rules; rules embrace customs and norms; perform economic and social activities; courts perform two important functions; the court uses rules of law; law influences the operation of business; the basic issues of social conduct (text 1); Issues of public law; justice is achieved; law is divided into; deals with all facets of ownership (text 2); is a main form of wealth; according to the principle; promises included in the agreement; makes others rely on it; it gives right to (text 3) contract stems from; intent is the core of a contract; the party must offer; contracts concern identifying the exchanges; conclude a legal contract; doesn’t comply with general public policy (text 4)

3.Rephrase the following sentences.

1.Private law is split into the law of contracts, the law of torts, and the law of property. 2.The party initiating the case is the petitioner. 3.No aspect of modern life is free from contractual relationships. 4.The law of contracts concerns the legal effect of promise-making. 5.Another approach supports enforcement of contracts on ground that a promise, once made, includes others to rely upon it. 6.The law has imposed limitations upon the private contract to prevent abuse. 7.Some countries permit ratification decisions to be made by the executive authority. 8.Treaties have a great impact on commercial relationship among countries. 9.Many disputes arising out of international commercial agreements are decided in the context of an arbitration proceeding. 10.They are as valid as anything enacted by the country’s legislature. 11.Treaties enter into force when a significant number of countries ratify the agreement. 12.The civil law system traces its origin to Roman law.



4.The following pairs of words are synonyms. In what do they differ? Show your understanding in your own sentences.

affect – influence officer – official ownership – possession

impose – induce enact – enforce legislation – jurisdiction

assure – ensure offer – propose select -- elect

vary – differ price – value opt -- choose

5. Give all possible derivatives to the following words. Translate them into Russian.

Law, legal, jury, justice, appeal, defend

6. Give the definition or explain in your own words the following

Law, lawsuit, legislation, legal,, illegal, litigation, lawful, trial, court, justice, trial court, judge (n), claim, counterclaim, appellant, appellee, plaintiff

7.Complete the table

Noun adjective verb

art --- ---

--- --- enforce

--- reliable ---

--- --- restrict

negligence --- ---

--- --- apply

classification --- ---

--- --- enact

--- wrong ---

--- official ---

--- --- oblige

file --- ---

--- --- sue

--- --- appeal

procedure --- ---

contrast --- ---

--- obligatory ---

--- --- constitution

--- legislative ---

law --- ---

trial --- ---

 

8. Match the verbs from A with the nouns from B.

A 1.recognize B a. rights and privileges

2.discharge b. justice

3.employ c. legal aspects of crime

4.approach d. a law

5.maintain e. rights and duties

6.encompass f. obligations and duties

7.resolve g. controversies

8.enforce h. a contract

9.enter into i. an essential element

10.lack j. harmony and order

11.implement k. a treaty

9. Make your own sentences in which the word contract is the subject and the following verbs are used as the predicate.

Contract: concerns, reflects, allows, regulates, is enforced, induces, is negotiated, arises from, binds, must, is terminated, is obeyed, is not fulfilled, resolves, recognizes, determines

10. Fill in the gaps with the necessary prepositions.

1.Stories appear … magazines, ... television. 2.People conceive … business law only … terms … such cases. 3.The company is to provide compensation … the injuries. 4.The most fundamental issues … social conduct are honesty, loyalty, fair treatment … others, and respect … human life. 5.No aspect of modern life is free … contractual relationships. 6.Some copyrights are valid … the lifetime … the creator plus 50 years. 7.The social order rests … the stability and predictability of conduct. 8.Court actions do contribute … business law. 9.The courts apply rules … law previously established … the government. 10. the top executives were sued … mismanagement. 11. It refers … all types of contracts. 12. … all his attempts he was unable to pay his debt. 13. It was quite unexpected … the part of the company to refuse our help. 14. According … the law they are to compensate … all your losses. 15. The firm agreed to do it … exchange … better conditions … the market. 16. This is his fault. He has done it … the wrong time. 17. I can’t give you any answer right now … … the uncertainty of the possible development of the situation.

11. Work with a good dictionary. Translate the following idioms into Russian. Think of the situations where you could use them.

Lose face; lose ground; lose heart; lose one’s battle; lose one’s cool; lose one’s marbles; lose one’s shirt; lose one’s way in broad daylight; lose the day; make a big play of smth; make a clean sweep; make a good showing; make a killing; make a meal of smth; make a name for oneself; make a mountain out of a molehill; make ends meet; make headway; make or mar; make smb’s day; make one’s way; make the right noises; make waves.

12. Give the Russian equivalents to the following.

Law is the body of rules and principle; norms are enforceable through sanctions; adopts and enforces the rules for the society; rules are adopted and enacted by the government; rules are embodied in constitutions; rules of law impose sanctions; induce compliance with the law; legal rules; reliable and enforceable principles; engage in dynamic process; principles of right, good and fairness; derive from moral principles; provide guidance for individual conduct; do not comply with a body of rules they consider wrong or evil; widely held ethical belief; acquire rights and obligations; performance of a promise; legally binding; the claim to promised advantages; presupposition of the whole economic order; basic premise of contract law; constitute a solemn commitment; “sancity of contract” approach; enforcement of contract; individual autonomy; impose limitations, defrauded party.

13. Give the English equivalents to the following.

Контрактные отношения; определить стабильность и предсказуемость; обещания и их юридические последствия; заключить соглашение; предупредить (упредить) нарушения; нарушение контракта; последствия невыполнения контракта; нести ответственность за; иметь право на; неадекватная мера; суд может заставить; правила поведения; в рамках сообщества; традиции и нормы; суды выполняют две важные функции; ранее установленные правила; разрабатывают новые правовые нормы; регулируют продажу и операции с ценными бумагами; выплатить компенсацию; закон о защите прав потребителей; применяемые по отношению ко всем членам общества; пользоваться правами и привилегиями; принципы, разделяемые всеми членами общества

14. Read the following passage attentively. How many spelling mistakes have you found? Correct them.

Bankraptcy laws are intended to protect both a campany or a person with not enough asets to pay dets and the creditors to wome the dets are owed. Bankruptcy is a legal procedure by wich a court divides up the remaining assets of an insolvent person or company amon the people and organization to whome maney is owed.

When bankrupsy is declared, nearly all of the assets of the debtor are eventually sell for cash. The processes are used to pay court costs and other costs, unpaid employee wages up to a maximum limit for each worker, taxes, and sicured loans. If any money is left after these charges, it is divided among general creditors acording to the percent of total debt each is owed. The creditors then have no furter claims.

15. Match the beginning with the suitable ending.

1. Treaties are documents

2. The civil law system traces its origin

3. The resolution of individual cases in court often helps

4. A country may accede to a treaty,

5. Most international scholars believe

6. Patent law guarantees

7. Justice has been defined as

8. Contract law provides

9. One party must propose

10. The law of contracts deals with identifying the exchange

11. The law gives to certain classes of people only a

12. The law will not enforce a promise

13. Most valid contracts

a. thus considering itself beyond by the treaty’s terms without formal ratification.

b. that legal principles can emerge from pronouncements of international organizations.

c. that rights to the new item will be released eventually.

d. that which is founded in equity, honesty, and righteousness.

e. to Roman law.

f. that control relationships between nations.

g. fill in the gaps in that country’s civil and commercial law.

h. the certainty, stability and predictability for the performance of transactions.

i. that an agreement be entered into.

j. limited capacity to enter into contracts.

k. that can be classified as contracts.

l. that involves an illegal act.

m. are obeyed by both parties.

16.Fill in the gaps with the words from the box

 








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