- •190000, Санкт-Петербург, б.Морская ул., 67
- •Judicial Committee of the Privy Council
- •Supreme Court (formerly the House of Lords)
- •Crown Court
- •Magistrates’ Courts
- •Tribunals Service
- •4 Case Law
- •1 Constitutional Law
- •2 Statutory Law
- •3 Administrative Law
- •Text 2 An Overview of the Court System in the United States
- •Constitutional Rights Applying to Trials
- •Federal court system
- •Types of Courts
- •1 An Offer Must Be Intended to Create a Legal Obligation
- •2 An Offer Must Be Definite
- •3 An Offer Must be Communicated to the Offeree
- •1 An Offer Ends at the Time Stated in the Offer
- •2 If the Offer Does Not State How Long It Will Remain Open, It Terminates at the End of a Reasonable Length of Time
- •3 An Offer Ends If the Offeree Rejects It
- •4 An Offer Ends If the Offeree Makes a Counteroffer
- •5 An Offer Is Usually Ended If It Is Revoked or Modified by the Offerer Before the Offeree Has Accepted It
- •6 An Offer Is Terminated by the Death or Insanity of the Offerer or Offeree
- •1 An Acceptance Can Be Made Only by the Person(s) to Whom the Offer Was Made
- •2 The Acceptance Must Be Unconditional and Identical with the Offer
- •3 The Acceptance Must Be Communicated
- •1 Agreements That Obstruct Legal Procedures
- •6 Agreements That Are Unconscionable
- •7 Agreements to Pay Usurious Interest
- •8 Agreements That Involve Illegal Gambling, Wagers, and Lotteries
- •9 Agreements That Restrain Trade Unreasonably
- •1 Methods of Creation
- •2 Formality
- •3 Extent of performance
- •2 A Contract to Sell or a Sale of Any Interest in Real Property
- •3 A Contract That Cannot Be Performed Within One Year
- •4 A Contract to Pay a Debt or Answer for the Legal Obligation to Another Person
- •5 A Contract for Which the Consideration Is Marriage
- •6 A Contract by an Executor or Administrator to Be Personally Liable for Claims Against the Estate of a Deceased Person
- •1 The Writing Is to Be Considered as a Single, Whole Document
- •2 Where a Printed Form Is Used, Added Typed Provisions Will Prevail over Contradictory Printed Provisions, and Added Handwritten Ones Will Prevail over both Printed and Typed Ones
- •3 If Words and Figures Are Inconsistent, the Words Will Prevail
- •1 The False Representation or Concealment of a Present or Past Fact Must Be Deliberate
- •2 The Misrepresented or Concealed Fact Must Be Material
- •3 The Person Who Makes the False Representation Must Know It to Be False or Make It Recklessly without Regard to Its Truth
- •4 The Misrepresentation Must Be Made with the Intention of Influencing the Other Person to Act upon It
- •1 By agreement
- •2 By Impossibility of Performance
- •3 By Operation of Law
- •1 The Injured Party Has the Right of Rescission
- •2 The Injured Party May Have the Right of Cancellation
- •3 The Injured Party May Compel Specific Performance or Get an Injunction
- •1 Cash-and Carry Sales
- •2 Sales on Credit
- •3 Cod Sale
- •4 Sale or Return
- •5 Sale on Approval (Try &Buy)
- •6 Auctions
- •1 Laws Allowing Secured Debts
- •2 Laws Allowing Garnishment of Wages
- •1 Laws Setting Maximum Interest Rates
- •2 Laws Requiring Clear and Complete Disclosure of Loan Terms
- •1 When the Creditor Retains Possession of the Collateral
- •2 When the Debtor Retains Possession of the Collateral
- •1 Drafts
- •2 Cheques
- •3 Promissory Notes
- •4 Certificates of Deposit
- •Список использованной литературы
- •Информационные ресурсы
- •Contents
2 Laws Requiring Clear and Complete Disclosure of Loan Terms
A consumer loan arises when a person borrows money primarily for personal, family, household, or agricultural purposes. It is often called a personal loan to distinguish it from a business or commercial loan.
The creditor must make a full report of interest and finance charges. The finance charge is the total added cost when one pays in installments for goods or services. The creditor must also declare the true equivalent annual interest rate.
A credit rating is an evaluation of one’s ability to pay debts. If credit is denied because of information in a credit report, the company denying credit must tell the applicant. The applicant may then demand that the reporting agency disclose the general nature of the contents of its file (except medical information) and the names of parties who were given this information. Names of those who provided the information need not be disclosed, however. If there is any error, the credit reporting agency must correct the record.
Vocabulary
loan заем, ссуда
secured debt долг, обеспеченный залогом (вид долгового обязательства, при котором лицо, берущее ссуду, оставляет что-либо под залог, для того чтобы дающий ссуду располагал некоторой гарантией непотери одолженной суммы денег)
legal interest 1) признаваемый правом интерес;
2) законные проценты, установленные законом проценты
security обеспечение, гарантия; залог
security interest право кредитора вступить во владение собственностью, предложенной в качестве обеспечения
secured creditor кредитор, получивший обеспечение в виде залога
legal status правовой статус
lien [liən] право удержания; право наложения ареста на имущество должника
pledge закладывать, отдавать в залог; залог, заложенная вещь
pledger залогодатель
pledgee залогодержатель
to impair уменьшать; повредить
specified time определенный срок
commercially reasonable справедливый с коммерческой точки зрения
pawn [po:n] ломбардный залог
pawnbroker ростовщик
garnishment of wages наложение ареста на заработную плату
interest rate ссудный процент
consumer loan потребительский кредит
finance charge стоимость всех элементов кредита; финансовый расход
usury law закон против ростовщичества
credit rating оценка кредитоспособности
discharge прекращение обязательств по долгу вследствие банкротства
LESSON 12 SECURED TRANSACTIONS
Text 1 A Secured Transaction and a Security Interest
All purchases are made either by cash or by credit. No debt is involved in a cash transaction. In a credit transaction, however, payment is delayed and a debt, owed by the buyer to the seller, is created.
In a credit transaction, the buyer may agree to allow the creditor to have a superior position over other creditors of the buyer. This normally is done by giving the seller (creditor) a security interest in the goods sold. When a security interest is granted, the transaction is referred to as a secured transaction. Security interest may allow the creditor, upon debtor’s default, to sell the goods and use the proceeds of the sale to pay the debt. If there is any money left over, it goes to the other debtor’s creditor or to the debtor. This is true even if the debtor goes through the legal steps of bankruptcy. Therefore, the secured creditors, because of the priority of their claims brought about by the security interest, are much more likely to be paid.
In contrast, a creditor with an unpaid, unsecured claim must bring suit, get a court judgment, and then execute (put into force) that judgment against the debtor’s property. Other creditors of the debtor may have equal rights in that property.
Secured transactions are the only legal means of giving a creditor a security interest in another’s property. The creditor in such a transaction is the secured party, and the personal property subject to the security interest is the collateral. Only personal property can be a collateral. Contracts involving real property as security, such as mortgages and deeds of trust, are still governed by other laws.
A security interest can be created only with the agreement of the debtor. This agreement can be expressed either orally or in writing, depending upon which one of two basic types of secured transactions is being used.