商务英语level5 unit2 part1 vocabula

When two parties have a disagreement, they may attempt arbitration.

Arbitration is a way to settle a dispute without going to court.

In arbitration, an independent 3rd parties involved to assess and resolve the dispute.

Damages.

Damages are money given as compensation to a party for a loss.

If one party has lost money because of a breach of contract, they may sue for damages.

What is an arbitrator responsible for?

Resolving a dispute between two parties representing one party in court, contacting a 3rd party to solve a problem.

An arbitrator is a 3rd party who is contracted to assess and resolve disputes between two parties.

A contracting party may sue for damages if it has lost money from a breach of contract.

They preferred arbitration because it was faster and cheaper than going to court.

While arbitration is conducted outside courts, any decision is legally enforced.

They settled their dispute through arbitration.

The judge awarded them $300000 in damages.

When they couldn't settle their dispute through arbitration. One party sued the other for damages.

They sued for damages.

They will seek arbitration if they want to settle a dispute without going to court.

Repudiation.

Repudiation is the refusal to fulfill the terms of the contract.

If one party doesn't perform their duties in a contract, it will lead to repudiation.

Frustration.

Frustration occurs when a contract can't be implemented for unexpected reasons.

Frustration of a contract is not the fault of either party.

For example, a lease will become frustrated if the property is destroyed by a fire.

Which of the following could lead to the repudiation of an employment contract?

If one party doesn't perform their duties in a contract, it will lead to repudiation.

What will happen to a contract if it violates a new government policy?

  A contract will become frustrated if it violates the law.

What is the process for resolving the dispute without going to court?

Arbitration is a way to settle a dispute without going to court.

What make one party to another. For if a contract has been breached.

If one party has lost money because of a breach of contract, they may sue for damages.

Repudiation may have consequences stated in the contract or it may lead to legal action.

Their failure to pay on time caused the contract to be repudiated.

The government implemented new trade policies, causing the frustration of the contract.

If a contract becomes frustrated, a new contract may be drawn up.

They settled their dispute through arbitration.

Frustration occurs when a contract can be implemented for reasons outside of anyone's control.