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Passage
4
A contract is an agreement which is enforceable by law. It can
be long or short, formal or informal, simple or complicated, and
verbal or written. Without a contract or agreement to bind the contracting
parties, any international business or transaction would be impossible.
Long ago, people exchanged promises in making bargains and binding
the conduct of others. This exchange of promises came to be known
as "agreement" and became more and more important in the
fields of business. A promise or agreement is reached as a result
of the process of offer and acceptance. When an agreement is reached,
a contract is formed. Once a contract is officially signed by the
concerned parties, it creates legal obligations in the sense of
law.
A contract is the only document between the parties to which they
may refer for clarification of mutual responsibilities. It should
not be viewed as merely a document that initiates transaction and
then filed and forgotten by the contracting parties. It must be
drafted with an awareness of the background of the law in which
the transaction takes place. It is proper to obtain legal advice
as to the best set of contractual terms appropriate to the product
and type of business.
Though most of the contracts have many provisions in common, each
is different from the others owing to the nature of the goods. Whether
we are dealing with a long or pre-printed form of the contract,
there are certain key provisions that every contract should contain
to avoid ambiguity and possible future conflicts. Whether to include
other specific provisions depends on the type of goods, shipping
and insurance complexities, and degree of trust and mutual confidence
existing between buyer and seller.
16.According to the passage the main purpose of making a contract
is to ________.
A) legalize a promise between related parties
B) bind the contracting parties
C) initiate a transaction
D) make bargains
17.A contract can not create legal obligations in the sense of
law unless ________.
A) it is agreed on by concerned parties
B) the contracting parties accept it
C) it is enforced by law
D) the contracting parties signed it officially
18.Which of the following statements about the contract is true?
A) It must be an agreement in the written form.
B) It is a way of minimizing conflicts in international business
or transaction.
C) Its main function in commerce is to begin a transaction.
D) It should contain as many details as possible.
19.In drafting a contract of international transaction,
one need not take into consideration ______.
A) the nature of the goods
B) the product and type of business
C) the laws of a specific country where the business is to be done
D) the physical health of contracting paries
20. As to contents of a contract, which of the following is not
true?
A) It differs from one another due to the difference existing in
the nature of goods
B) It should be presented in language that is clear and precise
C) Apart from the key provisions that must be included, whether
to include any other
special provisions depends on a lot of factors.
D) When there is a high degree of mutual trust and confidence between
the buyer and
the seller,the inclusion of the key provisions is not required.
 
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