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.VOCABULARY DEVELOPMENT1) Find in the text words/ phrases that mean:a) An organization whose members join together and provide atrading room where members can meet to buy and sell securities;b) A portion of those debts of a company that consists of moneylent to it;c) The National Association of Securities Dealers AutomatedQuotation system;d) A document issued by a government or a company borrowingmoney from the public and stating the existence of a debt;e) An acknowledgment of a debt, usually in the form of a deed(document under seal) by a company or public organization;f) Two American national exchanges.2) Explain what a stock exchange is and speak about thestock exchanges both in the world and in Romania.3) Read and translate into Romanian the following excerpt.Identify the following words in it and give their definition inRomanian: Financial centre; City: Square Mile: Wall Street; Trade;Securities; Bonds; Commodities: Currencies; foreign exchange;forex; stock; stocks; equities; blue chip shares; blue chip stocks; bluechips.Financial centresStock exchanges are found in financial centres.New York sfinancial centre is, of course, Wall Street and London s is the City,also referred to as the Square Mile.147 Things traded in financial centres include:Securities: shares and bonds, investment certificates with a fixedrate of interest.Commodities such as cereals and precious metals.Currencies such as dollars, pounds, and francs on the foreignexchange or forex markets.Shares are also called stock, stocks, or equities.Blue chip shares, blue chip stocks, or blue chips are the safestshare investments in leading companies.(Adapted from Key Words In Business Helping Learners with realEnglish by Collins Cobuild)4) Fill in the blanks:a) The financial&.of the shareholders is limited to the value oftheir shares; b) Shares yield a dividend,&.yield an interest; c) Theaccountants of the company are checked every year by&.;d) If youcannot attend the meeting in person, you may vote by&.; e) you arehereby&.that the meeting will be held on March 2nd; f) The officialaddress of the company is that of the&.Office; g) When the marketprice of a share is the same as the price printed on it, the share is saidto be&.SPEAKING1) Answer the following questions:a) Can you mention three legal types of firms? ;b) Can youmention two different kind of securities?; c) What is the differencebetween a company and a society?; d) What else can you say for tocreate a company ?; e) What does the expression to chair a meeting mean?; f) What are the two meanings of the word a vote ? (Answerin Romanian); g) Can you define bulls and bears (on the StockExchange)?(Adapted from Commercial English in 40 Lessons by MichelMarcheteau, Jean Pierre Berman and Michel Savio, Editura Niculescu, 2003)148 BUSINESS WRITINGContractsIn business, a contract represents a mutual understanding amongtwo partners, concluded in a binding legal form.Here are a largevariety of types of contracts: -Sales Contract (or Sale purchaseContract)- Contract of Agency- Leasing Contract- License Contracts, so on.According to local traditions and customs, the contact inbusiness may take different forms.In Japan, for example, a simpleverbal understanding is enough to arrange a business.But, in the mostcases, the businessmen prefer to conclude a contract as a writtendocument.Such a document is always safer, in special in a situation ofdisagreement between the contracting parties.Whatever of its forms,the contract comes into force from legal point of view only when itbears the signatures of both seller and buyer.As a rule, the object of aSales Contract is the transfer of property over certain goods from theseller to the buyer, at a price agreed upon by them.The Preamble of aSales Contract commonly contains: number of contract, place and dateof its conclusion, contracting parties, their names and legal addresses.A Sales Contract has different clauses, such as: the Quality, theQuantity, the Packing and Marking Clauses, the Price and Terms ofPayment ones, the Insurance and the Force Majeure Clauses.In thisfragment, I am going to describe these clauses briefly.Every contractof sale indicates the quantity of goods sold/bought.Commonly, thenature of goods or commercial practice in different branchesdetermine measuring units used in a contract.Thus, quantity isexpressed in units of weight, length, area/surface, volume (capacity) ,number of pieces, etc.The quantity must be indicated in exact figures.It also contains precise provisions concerning quality of the goods.The quality is designated by brands, trade-marks, international andlocal standards, samples, so on.The goods quality is attested by aquality certificate, issued by the seller or by a quality controlorganization, mentioned in the contract.The Packing Clause is about150 the proper packing of the goods according to the contract.Themarking of the products should be according to the buyer sinstructions and identical with the marking in the shipping documents.The Price Clause must show the amount of money for which an articleor commodity can be bought or sold.The world prices are based onthe international value of goods.They are established relying on agreat volume of transactions under the law of value in force.ThePayment Clause stipulates the terms of payment under which thegoods are supplied.It should include elements like: place of payment,the method of settlement, the methods of payment, the currency and abank guarantee.Finally, the Insurance and the Force Majeure Clausesrefer to the safety of the transactions in case of accidents or otherunpredicted situations.In the last cases, either one or both parties maybe excused from performing his/ their part of agreement
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