商务英语 Level 5 Unit 2 Part 4 Voca

Vocabulary【Contract Disputes】

arbitration
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 third party is involved to assess and resolve the dispute.

arbitration: 仲裁

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.

damages: 损害赔偿金

repudiation
Repudiation is the refusal to fulfill the terms of a contract.
If one party doesn't perform their duties in a contract, it will lead to repudiation.

repudiation: 否认，拒绝履行

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.

Question

1. If a party can prove a breach of contract in court,
   > it will be awarded damages.
2. They preferred arbitration because it was faster and cheaper than going to court.
3. While arbitration is conducted outside courts, any decision is legally enforced.
4. They settled their dispute through arbitration.
5. The judge awarded them $300,000 in damages.
6. When they couldn't settle their dispute through arbitration, one party sued the other for damages.
7. Repudiation may have consequences stated in a contract, or it may lead to legal action.
8. Their failure to pay on time caused the contract to be repudiated.
9. The government implemented new trade policies, causing a frustration of the contract.
10. If a contract becomes frustrated, a new contract may be drawn up.

draw up contract: 起草合同