Трудности перевода специальной литературы по коммерции и праву с английского языка на русский. Сидорова В.В - 32 стр.

               Unit 5. NEGOTIABLE INSTRUMENTS

                       1. FOCUS ON THE TEXT

   • Pre-reading Tasks
     1. What documents used in commerce do you know?
     2. Check the meaning and pronunciation of the following words
in your dictionary:
        anxious (adj)         purchase (n, v)
        transfer (v)          mature (adj, v)
        defer (v)             extinguish (v)
   • Text
                    NEGOTIABLE INSTRUMENTS
      The negotiable instrument, and especially the bill of exchange,
has had a very long history, and has for long occupied a central place in
the finance of industry and commerce. At the present time, the tradi-
tional form of bill of exchange is seldom seen in inland sales, but is still
of the greatest importance in export sales. In addition, there is one form
of exchange in everyday use, namely, the cheque.
      Property which cannot be reduced into physical possession is
called a chose in action. Examples of choses in action are shares, rights
under a contract, and debts. A person having such property may wish
to transfer (or assign) it to someone else.
      Thus, a negotiable instrument is a chose in action which can be
freely transferred and in respect of which a transferee can acquire a
better title than his transferor.
      Historically, the law of negotiable instruments has evolved through
three stages — commercial practice, judicial recognition, and, final-
ly, legislation. At the present time, the list of negotiable instruments
includes bills of exchange, cheques, promissory notes, dividend war-
rants, bearer bonds, bearer scri p, debentures payable to bearer,
share warrants to bearer, and Treasury Bills. By far the most impor-
tant types of negotiable instrument in use today are bills of exchange,
cheques, and promissory notes.
                         BILLS OF EXCHANGE
     A seller of goods is clearly anxious to obtain payment as soon as
possible, while a buyer may be equally anxious to defer payment, at
any rate, until he has been able to resell the goods and collect the

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