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ILEC - Mid Term Test 9-16
ILEC - Mid Term Test 9-16
Questions 1-6 Read the text and choose the correct answer, A, B, or C.
Corporate Insolvency
On a company becoming insolvent, there are informal and formal ways to (1) ..... the situation.
A small company with few creditors may informally negotiate a (2) ..... extension and larger
companies in multi-bank situations may use the London Approach, involving the banks remaining
supportive and continuing banking (3) ..... while seeking a solution involving rescheduling and a
possible debt-for-(4) ..... swap. The danger of informal (5)..... is that there is no protection from
action by other creditors while the terms of a workout are being agreed. The (6) ..... Act tries to
ensure the survival of the business through the formal options of (i) receivership; (ii)
administration; (iii) company voluntary arrangement; and (iv) liquidation.
The inspiration of the EC system was American law, which aimed at developing free interstate
trade by (7) ..... anti-competitive agreements,and notification of agreements to competition law
authorities, (8) .....between competitors at the same level of the market (that is, horizontal
arrangements,) or between persons at different levels of supply (that (9) ..., vertical arrangements).
The European Commission regulates closely all vertical and horizontal arrangements and looks at
market power,the efficiency benefits of an agreement and the effect on consumers.The basic
principle is set (10) ..... in the EC Treaty in Article 2 and in(11) ..... Article 3( f) which envisages ‘the
institution of a system ensuring that competition in the common market is not distorted’. The
framework for regulation of competition between private undertakings (as opposed to public
undertakings and restrictions on state aids) is in Article 85 (which regulates restrictive practices),
Article 86 (which regulates abuse of a dominant position), together with Regulation 17 (which
establishes the machinery for the (12) ..... of the law).
9) A for B means C is
5.01 USE OF PREMISES. Tenant shall use the Leased Premises for the purpose of a sit- down
café with full service bar and entertainment, including live and/or background music. During the
(13) ............... of this Lease and any extensions hereof, so long as Tenant operates a café described
above, neither Landlord nor its affiliates shall lease (14) ............... in the Property or in any premise
within 10 miles of the Property to any other café which operates ina similar manner.
5.02 CONDUCT OF BUSINESS BY TENANT. Tenant shall operate the business in the Premises in
(15)............... with all codes, regulations, statutes and ordinances (16) ...............to the Premises
and Tenant's business, and also with all covenants, declarations and restrictions (17) ............... on
the Premises by the Shopping Center of which the Premises are a part, and shall (18) ...............
Landlord against any costs or damages which Landlord may (19) ............... which are a result of
Tenant having failed to so (20) ………….. its business in the Premises.
Example:
A famous principle of land ownership should not be understood literally. A B C
B: Babcock v. Archibald
Babcock rented a piece of Beulah Carr’s land. At one point, Mrs. Carr offered to sell the land to
Babcock and they signed a memorandum to that effect. Mrs. Carr’s daughter was informed about
the sale and she felt the price was too low. She solicited a better offer from Mr. Clark, accepted it
and title was transferred to Mr. Clark. Babcock asked the court to set aside the registration. The
court noted that Babcock had not registered the memorandum on the title or taken legal action
against Mrs. Carr, putting the action on title. Mr. Clark had never seen the memorandum and so he
did not have ¨the clear and distinct notice necessary to displace his registered interest in the land.¨
Part 3) Writing
You are a lawyer working in the IP practice group of your firm. One of your clients believes his
company’s intellectual property rights have been infringed. Settlement has been proposed by the
other party. The partner who supervises you has requested your assessment of the case.
Write a memorandum to the partner who supervises you. Your memorandum should:
•outline how your client’s intellectual property rights may have been infringed •discuss the
advantages of settlement
•discuss the disadvantages of settlement
•evaluate whether legal action is appropriate.
Part 4) Listening
The talk on the most recent (2) ....................................... will begin at 2.30.
The afternoon panel discussion will focus on (3) ....................................... as a form of abuse
of market dominance.
Part 5) Speaking
Negotiable Instruments
• the meaning of a negotiable instrument
• the importance of a promissory note
• how a bill of exchange works
2. Role-play
Incorporating a Business
One of your clients would like to incorporate a business and has asked you for advice on what this
involves.
Discussion points:
• the advantages of becoming a company
• the legal documents that are needed when a business is incorporated
• what a company is legally required to do annually