Додаток 1 аудіотексти Classification of Contracts

Unilateral and Bilateral Contracts. In a unilateral conj tract, there is only one promise, and it is contained in the offer. The offer is accepted ж performance of the thing called for in the offer.

In a bilateral contract, the parties make mutual promises which are sufficient consid­eration for each other. Offer, acceptance, and consideration are present at the outset, even though the promises have yet to be performed. Each party may have a cause of action for an attempted disavowal of the agreement by the other party, or even for an expected (anticipatory) breach of the contract. That is, if it seems clear that a party is not going to perform part of the bargain, even though the time for performance has not arrived, the other pare may seek a remedy in court.

Express and Implied Contracts. The terms of an enforceable contract are usually specific enough that it is an express contract. Sometimes, neither party really specifies what» terms are, but their actions arc such that the conditions of the contract can be inferred.» such a situation, there may be an implied contract. More often, the contract and some of its terms will be express, but other terms must be implied. For example, a continuing contract for certain kinds of supplies may be somewhat vague as to the price for each delivery. Assume that a printer regularly buys a specific kind and quantity of paper, but the price of» paper fluctuates with supply. Because the contract is express in most respects and regular performed, there is no doubt that it exists. In a dispute, however, a court may have to deaf whether an implied condition was to continue to deliver the supplies at the original price or to make each delivery at the current price without notice.

Disclosure Statement

In most consumer transactions, the buyer will receive a disclosure form. Disclosure forms vary. Sellers and lenders may, with certain limitations, modify the disclosure forms, and the forms may be separate from the contract, or part of the contract.

The disclosure form will show that credit life insurance will be purchased; the seller will retain security interest in the car (the car may be repossessed and sold by seller if buyer fails to make payments); certain filing fees will be paid; late charges will be assessed.

Buyers should obtain and study the disclosure form and contract prior to making a final commitment. A disclosure form would show, among other things, the Annual Percentage Rate and the Finance Charge. Continuing, the disclosure form would show: the total amount, including down payment, that buyer will pay; the number, amount and date when payments are due. The disclosure form contains only that information required by Truth in Lending Law; it is not the entire contract. For example, if you buy a car, the disclosure form does not identify the make, model, color, or serial number of it.

Where a consumer transaction is based upon a revolving charge account (credit card) transaction, the buyer must be given a disclosure statement before the account is established. Such disclosure forms are analogous to the regular forms, but are specifically designed for these transactions.