1. Read the text and answer the questions.

1. How can contract be defined?

2. What is the difference between void and voidable contracts?

3. What is mistake? What types of mistakes may be found?

4. What is duress?

5. In what case may party's contractual duties be discharged?

6. What are approaches to interpretation of contracts?

7. What are the types of contracts?

8. What is an offer?

9. What is an acceptance?

10. How can an offer be expressed?

2. Define if the following sentences are true or false. Use the required information from the text above and correct the false statements.

1. Misrepresentations of fact may render a contract voidable.

2. If a minor fails to disaffirm within a reasonable time, the contract will not become binding against him.

3. Contract formation requires mutual assent to the same terms by the parties, generally manifested by an offer and acceptance.

4. A party that was intoxicated when the contract was made always avoids the contract.

5. All contracts are enforceable ab initio.

6. The distinction between void and voidable contracts is clear-cut.

7. Consideration is a bargained-for performance or return promise which is given by the promisee in exchange for the promisor's promise.

8. Any non-performance of a contractual duty which has become due constitutes a breach.

9. Mistake may be unilateral and multilateral.

10. The threat must be of sufficient gravity to make the contract voidable.

Language focus

1. Contract n: 1. an agreement between two or more parties, especially one that is written and enforceable by law; 2. the branch of law dealing with formal agreements between parties; 3. marriage as a formal agreement; 4. informal a paid assignment to murder someone (a contract killing; put out a contract on the mobster's life).

Contract v: 1. enter into by contract; establish or settle by formal agreement (contract a marriage); 2. acquire or incur (contract obligations); 3. reduce in size by drawing together; shrink.

Contract out v: to engage a person outside an organization by contract to undertake or produce.

Contractible adj: able to be shrunk or capable of contracting.

Contractable adj: (of a disease) able to be caught.

Contractor n: a person or firm that undertakes a contract to provide materials or labour to perform a service or do a job.

Contractability n: the property of a body or substance that enables it to become smaller, narrower, shorter, etc.

2. Enforce v: 1. compel observance of or compliance with (a law, rule, or obligation); 2. cause (something) to happen by necessity or force there is no outside agency to enforce cooperation between the players; 3. support (a demand, claim, etc.) by force (to enforce one's rights as a citizen).

Synonyms: administer, impose, execute, apply.

Enforced adj: forced or compelled or put in force (a life of enforced inactivity; enforced obedience).

Enforceability n: a concept of civil procedure.

Enforceable adj: can be enforced.

Enforcement n: processing of set schedules via dispatching to execution.

3. Bargain n: 1. an agreement between parties fixing obligations that each promises to carry out; 2. an agreement establishing the terms of a sale or exchange of goods or services; 3. property acquired or services rendered as a result of such an agreement; 4. something offered or acquired at a price advantageous to the buyer.

Bargain v: 1. to negotiate the terms of an agreement, as to sell or exchange; 2. to engage in collective bargaining; 3. to arrive at an agreement.

Bargain for/on v: to count on; expect.

Into/in the bargain: over and above what is expected; in addition.

Bargaining n: a type of negotiation in which the buyer and seller of a good or service dispute the price which will be paid and the exact nature of the transaction that will take place, and eventually come to an agreement.

4. Valid adj: 1. having legal efficacy or force, especially: executed with the proper legal authority and formalities (valid contract); 2. well-grounded or justifiable: being at once relevant and meaningful (valid theory); 3. logically correct (valid argument, valid inference).

Validity n: 1. the state or quality of being valid: to question the validity of the argument; 2. legal soundness or force.

5. Unilateral adj: 1. done or undertaken by one person or party; 2. of, relating to, or affecting one side of a subject, one-sided; 3. constituting or relating to a contract or engagement by which an express obligation to do or forbear is imposed on only one party.

Unilaterally adv: in a unilateral manner; by means of one part or party (they worked out an agreement unilaterally).

6. Offer v: 1. to present as an act of worship or devotion, sacrifice; to present for acceptance or rejection; 3. to present in order to satisfy a requirement (candidates for degrees may offer French as one of their foreign languages); 4. to propose, suggest (offer a solution to a problem); 5. to declare one's readiness or willingness (offer to help); 6. to propose as payment, bid.

Offer n: 1. an expression of readiness to do or give something if desired sympathetic offers of help; 2. an amount of money that someone is willing to pay for something the prospective purchaser who made the highest offer; 3. a specially reduced price the offer runs right up until Christmas Eve; 4. a proposal of marriage.

Offeror n: a person or entity who makes a specific proposal to another (the offeree ) to enter into a contract.

Offeree n: a person or entity to whom an offer to enter into a contract is made by another (the offeror).

7. Accept v: 1. to answer affirmatively (accept an invitation); 2. to agree to take (a duty or responsibility); 3. to receive (something offered), especially with gladness or approval ( accept a contract); 4. to admit to a group, organization, or place: accepted me as a new member of the club; 5. to receive officially (accept the committee's report); 6. to consent to pay, as by a signed agreement.

Acceptance n: 1. the action of consenting to receive or undertake something offered charges involving the acceptance of bribes; 2. a draft or bill of exchange that is accepted by being signed a banker's acceptance; 3. the process or fact of being received as adequate, valid, or suitable.

Acceptee n: a person who is accepted, as for military service.

8. Interpret v: 1. to explain the meaning of (information or actions) the evidence is difficult to interpret; 2. translate orally the words of a person speaking a different language.

Interpretation n: the action of explaining the meaning of something the interpretation of data; 2. an explanation or way of explaining.

Interpreter n: a person who converts a thought or expression in a source language into an expression with a comparable meaning in a target language either simultaneously in "real time" or consecutively after one party has finished speaking.

Interpretative (also interpretive) adj: relating to or providing an interpretation.