Lesson 2

Exercise 1. Listen to the text “Classification of Contracts” in English. Use your shorthand to write it down. Translate it into Ukrainian. Mind the vocabulary below.:

unilateral contract – одностороння угода

bilateral contract – двостороння угода

at the outset – з самого початку

attempted disavowal – спроба відмовитися від виконання зобов’язань

bargain – (вигідна) угода

seek a remedy – шукати засоби судового захисту

vague – нечітко визначений

enforceable contract – угода, виконання якої може здійснюватися шляхом примусової судової процедури

express contract – позитивно сформульована угода

inferred provisions – умови (контракту), що випливають з його змісту

implied contract – квазіугода

Exercise 2. Translate the text “Written and Oral Contracts” into English. Use Additional Vocabulary.

Written and oral contracts

Written and Oral Contracts. With some important exceptions, it does not matter whether a contract is written or oral. If the basic elements are present, an oral agreement is just as valid as a written agreement and enforceable in the same ways.

There are some instances where a contract must be in writing. First, a contract should be written where the parties have come to an understanding in negotiations that the final agree­ment will be in writing. (In this situation the contract should be reduced to writing even if it is a type of contract which would be valid and enforceable even if it was an oral contract.)

Second, the law requires that certain types of contracts be in writing. These are: contracts to answer for someone else's debt, default, or wrongful act or omission; contracts by the executor or administrator of an estate to use his (the executor's or administrator's) own estate to pay for damages attributable to the estate in which he is a fiduciary; (3) prenuptial agreements or contracts between engaged couples settling various questions of property and rights in consideration of marriage; (4) contracts for the sale of land or any interest in land; and (5) contracts which will not be fully performed (by at least one party) within one year.

There are some other types of contracts which must be in writing. One of the most im­portant of these is a commercial contract for the purchase and sale of goods involving $ 500 or more. Further, most loan agreements must be in writing and signed by the debtor.

The requirement that a contract be written does not mean that the contract must be formal. The contract can be plain or fancy. It might be many pages long, and printed or it might be just a few sketchy notes on the back of an old envelope.

Additional Vocabulary

default – невиконання зобов’язань

executor – виконавець духівниці (заповіту)

administrator – розпорядник майна

attributable – віднесений на рахунок

fiduciary – довірена особа

prenuptial agreement– перед шлюбні угоди

interest – частка у володінні

loan agreement – позикова угода

estate – майно

Exercise 3. Translate the text “Виконання контрактів” into Ukrainian. Use Additional Vocabulary.