9. Imagine you are at the negotiations. Act as an interpreter. Translate the following sentences into English.

1. Контракт – это юридически закрепленное соглашение.

2. Контракт – это двустороннее или многостороннее соглашение, где оговорены права и обязанности участников.

3. Контракт содержит все условия сделки.

4. Стандартная форма контракта определяет его структуру, оговаривает основные статьи.

5. Контракт вступает в силу после подписания его официальными представителями с обеих сторон.

6. Парафирование контракта означает подписание договора инициалами лиц, разрабатывавших его подтверждение предварительной договоренности.

7. После составления проекта контракта вы можете внести изменения, а потом окончательно согласовать условия контракта.

8. Подписывая контракт, вы утверждаете (принимаете) его и не имеете права нарушать условия контракта или пересматривать его.

9. Если вы нарушите условия контракта, ваш партнер может расторгнуть контракт.

10. Выполнять условия контракта – святое правило каждого бизнесмена.

10. Read the text and give definitions of the following words. Translate them into Russian.

a) Breach of contract

b) Damages

Breach of contract

Breach of contract means failure to perform any term of a contract, written or oral, without a legitimate legal excuse. The failure may provoke a lawsuit, in which an aggrieved party asks a court to award financial compensation for the loss brought about by the breach. It is a legal cause of action in which a binding agreement is not honored by one or more parties to the contract by non-performance or interference with the other party’s performance. If the party does not fulfill his contractual promise, or has given information to the other party that he will not perform his duty as mentioned in the contract or if by his action and conduct he seems to be unable to perform the contract, he is said to breach the contract. Sometime it happens that both parties may agree to end a contract, but if just one person violates the contract, the following may occur:

1. Specific performance. The person who violated the contract may be required to live up to the agreement if no money damages would be adequate. For example, if I offered to sell you a rare painting, I would have to sell you that painting.

2. Payment of damages. Damages is the monetary settlement awarded to a person who is injured by a breach of contract. If I fail to live up to a contract, you can sue me for damages, usually the amount you would lose from my nonperformance. If we had a legally binding contract for me to sing at your wedding, for example, and I fail to come, you could sue me for the cost of a new singer.

3. Discharge of obligation. If I fail to live up to my end of a contract, you could agree to drop the matter, and then you would not have to live up to your agreement, either.

Lawyers would not make so much money if the law were as simple as implied in these rules of contract. In fact, it is always best to have a contract in writing. The offer and consideration should be clearly specified, and the contract should be signed and dated. A contract does not have to be long and complicated, as long as it has these elements: (1) it is in writing (2) the consideration is specified, and (3) there is clear offer and agreement.

The failure of one party to a contract to perform his part constitutes breach of that contract. It may take the form of (1) renunciation, where one party states that he has no intention of performing his part, (2) one party making the contract impossible to perform, e.g. by destroying the subject matter, or (3) straightforward failure of one party to honor his obligations. Whatever form the breach takes, the aggrieved party has various rights of action. He may sue for damages, or may apply to the court for specific performance. When a contract is only partially performed then if the plaintiff has accepted the part performance he must pay for it, though he may be able to claim on any balance due. He cannot be made to accept part performance only. Similarly, when the contract is only partly performed and the part-performance is expressly or implicitly accepted, the part-performer may sue for the work done.

When someone does not complete work as he is contracted to do and may perhaps claim payment “quantum meruit”, that is, “as much, as he earned”. For instance, someone supplying the wrong quantity of goods can claim payment in proportion, if the purchaser does not decide to refuse delivery altogether.