Read case study and answer questions below

Fair, speedy trials are essential for small enterprises embroiled in disputes. If business disputes take months or even years for courts to resolve, small firms might not have the financial strength to stay in business that long, regardless of trial outcomes. In such cases justice delayed is justice denied. Though small and medium-size enterprises usually try to avoid going to trial, effective contract enforcement systems matter for them. Efficient courts and enforcement reduce informality, improve access to credit and increase trade.

An e-court is a suite of services that entails minimum use of paper from when a case is filed until its disposal. Korea ranks first in the world on the E-Government Readiness index, a composite measure of the capacity and willingness of economies to use e-government for development. As early as 1986, Korea launched a case management system platform for internal court users. This was later expanded to allow external users to search the database of cases and in 2010 Korea launched the electronic case filing system which enables electronic submission, registration, service notification and access to court documents. Challenges included anticipating the needs of users at the design stage, convincing users to transition to e-filing and securing funding for maintaining and enhancing the system. In 2012 lawyers filed just over a third of the nearly 1 million cases electronically. Every month more attorneys are using the new system, attracted by its convenience.

Efficient contract enforcement is essential to economic development and sustained growth. Economies with an efficient judiciary, in which courts can effectively enforce contractual obligations, have more developed credit markets and a higher level of development overall. A stronger judiciary is associated with more rapid growth of small firms. Overall, enhancing the efficiency of the judicial system can improve the business climate, foster innovation, attract foreign direct investment and secure tax revenues. Doing Business 2016 introduces an important change in methodology for the enforcing contracts indicators. While it continues to measure the time and cost to resolve a standardized commercial dispute, it now also tests whether each economy has adopted a series of good practices that promote quality and efficiency in the commercial court system. This case study discusses many of these good practices and concludes that economies with more judicial good practices in place tend to have faster and less costly contract enforcement.

Freedom of contract is the power of contracting parties to freely determine the content of their agreement without interference from the government or from other individuals. Efficient contract enforcement promotes investment by influencing the decisions of economic actors. By promoting investment, good judicial institutions can also contribute to economic growth and development. This case study explores how freedom of contract is regulated in a sample of 34 economies belonging to different regions and income groups. It also looks at judicial efficiency in contract resolution in the same 34 economies, using data for the enforcing contracts indicators as a proxy for judicial efficiency.

An offer my___________by counter offer. There can be ________to a consideration. Void ab

initio is ________agreement. The threat to commit suicide leads to__________. On the valid

performance of _________by the parties, the contract; __________. In the case of__________breach,

the aggrieved party may treat the contract_______________. A________contract depend on the

happening of uncertainties actions can be______when the event____________.