Unit 1. Contracts lesson 1

Exercise 1. Read and translate (see the Introduction for details):

A contract is a legally binding agreement between two or more competent persons to do, or not to do, a par­ticular thing. The three basic elements to a contract are: an offer (1); an acceptance (2) of the offer; and sufficient consideration (3) to support the offer and acceptance. In addition, there must be a reasonable certainty (4) as to what the parties are to do, or not to do, when they are to do it, and what the consideration is. Finally, the parties must be competent to contract (5), that is, they must be of sufficient age, in reasonable possession of their wits (6), and not under legal disability (7). Basic Requirements for a Contract. The first require­ment for a valid contract is that the parties have a meeting of the minds (8). A meeting of the minds is evidenced by an offer, and an acceptance of the offer. The second requirement is that the promise of each party is given in re­turn for some benefit (9) sufficient to justify the promise. This benefit is the consideration for the contract. An offer can be made by words or acts. That is, it can be made specifically (in writing or orally), or it can be implied (10) from the conduct of the person making the offer. An offer can be made by advertisement. The time for accepting an offer may be expressly (11) limited, and the offer expires (12) if not accepted within that time. If no time limit is specified, the offer must be accepted within a reasonable time. The offer may be re­voked (13) or withdrawn (14) before acceptance. "An ac­ceptance can be express or implied, written or oral. When an offer specifies the manner in which it must be accepted, an attempt to accept it any other way may not be enough. In general, acceptance requires some affirmative act (15). Under Ohio law, a person receiving unrequested mer­chandise (16) may keep it without payment. The person to whom an offer is directed may reject (17) the offer. The person may also make a proposal of her own, that is, make a counteroffer (18). A counteroffer wipes out all previous offers.

1. оферта; 2. акцепт; 3. зустрічне задоволення; 4. розумне усвідомлення; 5. правоможний укладати договір; 6. бути при своєму розумі; 7. юридична недієздатність; 8. порозуміння; 9. вигода; 10. такий, що випливає з поведінки; 11. експліцитно, прямо; 12. закінчуватися; припинятися із закінченням терміну 13. скасований; 14. відкликаний; 15. дія (на відміну від бездії), стверджувальний акт; 16. незамовлені товари; 17. відхиляти; 18. контроферта.

Exercise 2. Translate into Ukrainian:

1. reject the offer; 2. make a counteroffer; 3. counteroffer wipes out all previous offers; 4. make a proposal; 5. acceptance can be express or implied; 6. offer specifies the manner in which it must be accepted; 7. affirmative act; 8. requirement for a valid contract; 9. meeting of the minds; 10. in return for some benefit; 11. justify the promise; 12. basic elements to contract; 13. acceptance of the offer; 14. support the offer and acceptance; 15. reasonable certainty; 16. expressly limited; 17. expire the offer; 18. within a reasonable time; 19. no time limit is specified; 20. offer may be revoked or withdrawn.

Exercise 3. Translate into English:

1. скасувати або відкликати оферту; 2. у розумних часових межах; 3. чітко обмежений; 4. забезпечення оферти та акцепту; 5. основні складові контр­акту; 6. вигода в обмін; 7. вимога до договору (аби він мав юридичну силу); 8. ак­цепт передбачає будь-які умови реалізації; 9. висунути пропозицію; 10. висунути контроферту; 11. відхиляти оферту; 12. контроферта скасовує всі попередні офер­ти; 13. оферта може бути висловлена безпосередньо або випливати з обставин; 14. стверджувальний акт; 15. порозуміння; 16. компенсація за виконання зобов'я­зання; 17. прийняття пропозиції (акцепт); 18. обґрунтоване усвідомлення; 19. закінчення терміу оферти; 20. термін не встановлено.

Exercise 4. Read and translate into Ukrainian the following sentences:

1. A person who makes an offer is called an offerer. A person to whom an offer is made is called an offeree. 2. An offer is a proposal. One may revoke a simple offer at any time before it is accepted. 3. In order to make a valid contract one must observe certain necessary conditions. 4. An offer consisting of various terms, care should be taken that the whole of the terms are brought to the notice of the other party. 5. An illegal contract is a mutual agreement to do something contrary to law or public policy. 6. The person to whom the offer is directed may reject the offer. 7. Consideration can be money, property, rights, services, or the promise to do 9or not to do) certain things. 8. An executed contract is one on which the object of the contract is at once performed, whilst an executory contract is one in which one of the parties finds to do, or not to do, a given thing at some future date. 9. In order for a contract to be binding, the parties to it must be competent to make it.

Exercise 5. Translate into English:

1. Обов’язковою умовою контракту є наявність достатньо вагомої вигоди в обмін на виконання зобов’язання кожної сторони. 2. Звичайно термін „договір” вживається юристами, щоб виразити ідею відповідальності, яка є наслідком добровільної домовленості однією особою з іншою. 3. З договору випливають певні права і обов’язки. Але ці права і обов’язки можуть виникати не інакше, як між договірними сторонами. 4. Задоволення – це суть договору. 5. Існують два види задоволення. 6. Або боржник (особа, яка дає зобов’язання) одержує будь-яке право або вигоду від виконання такого зобов’язання, або кредитор (особа, яка отримує вигоду від наданого їх зобов’язання ) позбавляє себе будь-якого права або вигоди в обмін на виконання певного зобов’язання.

Exercise 6. Complete the spaces with appropriate words from the box. Translate the sentences into Ukrainian:

Binding, executed, competent, in writing, agreement, valid, unable, consideration

1. An … contract is one in which the object is at once performed.

2. A mere … is not yet a contract.

3. Written contracts are not always more … then oral ones.

4. … is a very essence of a contract.

5. In order for s contract to be … the parties to it must be … to make it.

6. An insane person is … to male binding agreement.

7. There are some instances where a contract must be …

Exercise 7. Study the use of the italicized words in different phrases, suggest their Ukrainian equivalents:

Contract: contract by post, contract debt, contract financing, contract implied in fact, contract in force, contract of agency, contract of beneficence, contract of future delivery, contract of good faith, contract of guarantee, contract of insurance, contract of purchase, contract price.

Agreement: agreement among underwriters, agreement by parol, agreement by specialty, agreement not to prosecute, Agreement of International freight Railway Communication.

Binding: binging effect, binding through international custom, binging upon (the parties), binding force, binding over, binding receipt.

Acceptance: acceptance credit, acceptance in blank, acceptance sampling, acceptance supra protest, acceptance tests.

Exercise 8. Read and learn the following Latin phrases:

Ignorantia non est argumentum – Незнання – не доказ

A casu ad casum – Від випадку до випадку

Dura lex, sed lex – Суворий закон, але закон

Causa finita est – Справа закінчена

Ipso iure – В силу закону

Stricto iure – За суворим змістом закону

Sine provocatione – Без оскарження