Types of legal contracts (Keys)

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Question: 1: This agreement is used to ensure the repayment of money borrowed, usually in monthly instalments. The right answer: loan agreement

Question: 2: This agreement is used where one party buys goods from the manufacturer and re-sells them on his own account. He will however be given the right to use the manufacturer\'s intellectual property rights. The right answer: distribution agreement

Question: 3: This agreement sets out the terms and conditions on which a business supplies goods. The right answer: terms and conditions of sale agreement

Question: 4: This agreement is used where one party grants to another the right to run a business in the name of the first party. Examples include Body Shop and McDonalds. The right answer: franchise agreement

Question: 5: This is equivalent of a contract of employment for directors. The right answer: directors` service agreement

Question: 6: This agreement is used where one party is providing services as an independent advisor to a company. The right answer: consultancy agreement

Question: 7: This agreement should be used where one party (the licensor) owns intellectual property rights in respect of a product it has developed and wishes to license the manufacture of the product to a third party. The right answer: manufacturing licence agreement

Question: 8: This is intended to govern the relationship between a number of shareholders in a company. The agreement works as a second layer of protection preventing the company from being run in a manner other than has been agreed. The right answer: shareholders` agreement

Question: 9: This contract comes into existance as soon as job offer is accepted whether that offer is oral or in writing. The right answer: contract of employment

Vocabulary

Question 1:
We have decided to open a new company by setting up a _________ with another company in same line of business as us.
merge
cutting edge
joint venture
quota
Question 2:

When we want to know what our company is worth at any given dates we consult our _________.
auditor
tariff
balance sheet
licence

Question 3:

Our __________ are worried about our growing market share.
rivals
slogans
auditors
invoices
Question 4:

We have asked the shippers to send us their __________ as proof that the goods were sent.
profit and loss account
invoice
tariff
licence
Question 5:

The ___________ is checking our accounts for mistakes.
imperatives
balance sheet
auditor
enterpreneurs
Question 6:

The new advertising campaign fits our ___________ perfectly.
brand image
sole traders
joint venture
subsidiary
Question 7:

We _________ with one of our rivals and we now form the biggest software company in the country.
losses
clash
to monitor
merged

Question 8:

Once we get over the initial bureaucratic __________, everything will be fine.
hurdles
imperatives
revenue
rival
Question 9:

When negotiating the agreement we must consider the _________ of the shareholders.
clash
imperatives
profit and loss account
hurdles
Question 10:

They are making our products under ___________.
brand image
slogan
quota
licence

Vocabulary (Keys)

Question: 1: We have decided to open a new company by setting up a _________ with another company in same line of business as us. The right answer: joint venture

Question: 2: When we want to know what our company is worth at any given dates we consult our _________. The right answer was: balance sheet

Question: 3: Our __________ are worried about our growing market share. The right answer: rivals

Question: 4: We have asked the shippers to send us their __________ as proof that the goods were sent. The right answer: invoice

Question: 5: The ___________ is checking our accounts for mistakes. The right answer: auditor

Question: 6: The new advertising campaign fits our ___________ perfectly. The right answer: brand image

Question: 7: We _________ with one of our rivals and we now form the biggest software company in the country. The right answer: merged

Question: 8: Once we get over the initial bureaucratic __________, everything will be fine.
The right answer: hurdles

Question: 9: When negotiating the agreement we must consider the _________ of the shareholders. The right answer: imperatives

Question: 10: They are making our products under ___________. The right answer: licence

Матюшина Елена Анатольевна

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