III. Agree or disagree with the statements:

1. A contract is voluntary agreement between two or more parties.

2. A contract is a private statute, in which the parties define the consideration they owe each other.

3. Contracts are generally part of most business transactions.

4. Contracts can be either express or implied.

5. Oral contracts are just as legally enforceable as written contracts.

6. The best policy for business firms to follow is to put all contracts in writing.

7. An express contracts is one in which the words are actually put forth, either orally or in writing?

8. A contract must not involve any unlawful act.

9. Both parties must accept the terms of the agreement voluntarily.

10. To be enforceable, a contract must meet several requirements.

IV. Answer the questions:

1. What is a contract?

2. What kinds of contracts do you know?

3. What requirements must a contract meet to be enforceable?

4. Haw can you define breach of contract?

5. What are oral contracts?

V. Match the first part of the sentence (1-5) with the second one (a-e).

1	An implied contract results from the actions of the parties	a	in which the parties define the considerations they owe each other.
2	Generally, oral contracts are just as legally enforceable	b	rather than from an explicit promise.
3	Contracts are generally	c	as written contracts.
4	A contract is like a private statute,	d	voluntary agreement between two or more parties.
5	A contract is a legally enforceable,	e	part of most business transactions.

VI. Make up a plan of the text.

VII. Retell the text in a written form (in English or Ukrainian).

TEXT 60. THE LAW OF PROPERTY

I. Read and memorize the following words and word combinations:

To file – реєструвати, to file a suit – подавати позов, copyright – авторське право, exclusive rights - виключні права, a bond - облігація, a trademark – торговий знак, a stock – акція, tangible property – матеріальна власність, intangible property – нематеріальна власність.

II. Listen to the text: The Law of Property

Anything that can be owned is considered property. Property is something for which a person or business entity has unrestricted right of possession or use. There are several categories of property. Real property is real estate, land, and anything permanently attached to it, such as houses, buildings, and parking lots. Tangible personal property means physical items such as a store's inventory of goods, equipment, and automobiles. Intangible personal property is that shown by documents or other written instruments, such as checks, money orders, receipts, stocks, and bonds.

Three forms of intangible personal property provide legal protection for individuals or business firms. A trademark is a name or symbol registered with the U.S. Patent and Trademark Office. It guarantees the owner exclusive rights for 20 years and can be renewed as many times as the owner wishes. Patents, granted by the U.S. Patent and Trademark Office, give inventors the exclusive right to make, use, or sell their products for 17 years. Patents cannot be renewed. In patent disputes during the 1980s, the courts ruled increasingly in favour of the rights of patent owners. A copyright, filed with the U.S. Copyright Office, gives the creator exclusive right to publish and sell an original written work. Copyrights last for the lifetime of the author plus 50 years. Hal David and a group of songwriters and music publishers filed a suit against Sony to protect their music from being copied on recorders that can make perfect copies of compact disks. Sony's defense was that people have been taping music at home for years.