Contract law vocabulary

18. Study the vocabulary.

acceptance	принятие, акцепт
to be binding in law to be legally bound	иметь обязательную силу по закону быть юридически обязательным
breach of contract	нарушение контракта
contracting party party to a contract	сторона, заключающая контракт
consideration	встречное удовлетворение
damages to claim damages	возмещение ущерба, компенсация, убытки требовать возмещения ущерба
to enforce enforceable in court of law	удовлетворять в судебном порядке способный быть удовлетворенным в судебном порядке
entity legal entity	организация, объект юридическое лицо
offer	предложение, оферта
remedy to be entitled to a remedy	средство судебной защиты иметь право на средство судебной защиты
to suffer some losses	понести убытки
terms and conditions	условия договора
valid validity	юридически действительный период действия

18. Translate the sentences.

1. A contract is an agreement which is made between two or more parties and which is binding in law.

2. The parties must agree to contract on certain terms and conditions.

3. In order to be binding in law the agreement must include an offer and an acceptance of that offer.

4. In every valid contract there must be an exchange of consideration.

5. Consideration is an important part of the contract. It is the payment or cost promise given by one party in return for the promises of another party when making a contract. Consideration may be something other than money.

6. Certain kinds of contracts must be in writing to be enforceable in court of law.

7. In a valid contract each person is legally bound to do what is promised.

8. If one contracting party does not carry out the promise, the other party can go to court and be entitled to a remedy.

9. The contract must have all the essential elements: an offer, an acceptance and a valuable consideration.

10. When one party refuses to perform or fails to perform the obligations under the contract, it is called a breach of contract.

11. The party in breach must compensate the other party.

12. The usual remedy is damages – monetary compensation.

Reading

18. Read the text and answer the questions.

A contract is an agreement which is made between two or more parties and which is binding in law.

The parties must have a legal intention to be legally bound before making a contract. They must agree to contract on certain terms and conditions, they must know what they are agreeing to.

In order to be binding in law the agreement must include an offer and an acceptance of that offer. The definition for an offer is an expression of willingness to contract on a specific set of terms. In order to make the contract become valid, so the second party must accept exactly the terms of the offer.

In every valid contract there must be an exchange of consideration. Consideration is an important part of the contract. It can be viewed as the concept of legal value in relation with contracts. In other words, it is the payment or cost promise given by one party in return for the promises of another party when making a contract. Consideration may be something other than money. It might be physical objects, services, promised actions, and others.

Most contracts can be either written or oral. However, certain kinds of contracts must be in writing to be enforceable in court of law.

In a valid contract each person is legally bound to do what is promised. If one contracting party does not carry out the promise, the other party can go to court and be entitled to a remedy.

First, the court must decide if a contract has been made. The judge will also consider if the contract has all the essential elements: an offer, an acceptance and a valuable consideration. It is very important for a judge to consider the capacity of contractors, which is whether they are legally competent to make a contract.

When one party refuses to perform or fails to perform the obligations under the contract, it is called a breach of contract. The party in breach must compensate the other party. The usual remedy is damages – monetary compensation. A court will award damages only for the loss closely connected with the defendant’s breach.