Part II.

Explanations

Part III

Minor. In law a minor is a person not yet legally of age. In the U.K. a person attains the status of an adult at the age of 18. At that age he can enter into contracts.

The transfer (noun)of ownership. To transfer (verb) is to hand over the possession of property or rights to a person.

Ownership (noun) refers to the state of being an owner.

Layman. This word is derived from lay (adjective) meaning non-professional. Such a person is not an expert, especially with reference to medicine and the law.

Where medicine is concerned I am a layman.

His technical language will not be understood by laymen.

Exercises

I. Answer the following questions.

1. Give an example of a contract.

2. What is stated in a contract?

3. Who may enter into a contract?

4. Why are lunatics not permitted to sign contracts?

5. Should laymen prepare contracts?

II. Give the meanings of the following words.

1. Policy. 2. Liability. 3. Minor.

III. Give the word that fits the description.

1. Against the law.

2. A person who is not an expert.

3. Payment which has not yet been made to somebody.

Lesson 7

Advertising and business

Part I

To advertise is to make known to the public the seller’s goods and services. This may take the form of advertising in newspapers, magazines and trade journals. Other means include television, radio, the cinema, exhibitions, advertising on the interior and exterior of buses and window displays. Hoardings and electric street signs are also used.

Advertising is essential. Without it people will not know the location of a shop or the goods and services marketed by its owner. Advertising increases demand and creates loyal customers. It educates potential customers to make them aware of the benefits of the products and services sold.

Advertising also occurs by word of mouth. Customers satisfied with goods or services will speak well about them. Their recommendation will greatly increase the volume of business. On the other hand, if the quality of the goods or services is poor, customers will complain. This will affect business. Intelligent businessmen know this and will spend much time and effort to keep their customers happy.

Advertising may cost much. It is very expensive to advertise on television. However many thousands of viewers will see the advertisement and the advertiser will benefit from the increased demand. It is cheaper to advertise in newspapers and magazines. An advertisement has to be attractive to catch the eye of the reader. It must also be regular to secure results. Advertising agencies help businessmen to insert advertisements in the media. Some hold the view that advertising interferes with the choice of customers. However, it is clearly of great advantage to the businessman as a means of increasing his sales at the expense of his rivals.