6 .14. Questions

1. What are possible grounds for the classification of contracts?

2. What is a difference between express and implied contracts?

3. What are the two types of implied contracts? Define them.

4. What kind of contracts does not require the existence of mutual promises?

5. Is an unenforceable contract valid or void? Explain your choice.

6. Give the examples of unenforceable contracts.

7. What is a difference between voidable and void contracts? Give examples.

6.15. PREPARE a list of five-seven questions of your own to ask about the topic “Contract law”. Be ready to interview the students in your group.

6 .16. Agree or disagree

1. There are three general kinds of contracts: a deed, a specialty contract and an implied-in-law contract.

2. Gifts and jests are the examples of voidable contracts.

3. Sometimes it is difficult to define whether there is an executed or executory contract.

4. A quasi contract is created directly by the conduct of the parties rather than words.

6.17. COMPLETE the extracts using the words in the box below.

What is a contract?

It is an agreement that creates a binding ¹⁾ ______ upon the parties. The essentials of a contract are as follows: mutual ²⁾ ______; a legal ³⁾ ______, which in most instances need not be financial; parties who have legal ⁴⁾ ______ to make a contract; absence of ⁵⁾ ______ or duress; and a subject matter that is not ⁶⁾ ______ or against public policy.

What form does a contract take?

In general, contracts may be either ⁷⁾ ______ or written. Certain types of contracts, however, in order to be enforceable, must be written and ⁸⁾ ______. These include contracts involving the sale and transfer of ⁹⁾ ______.

How does a contract end?

In case of a ¹⁰⁾ ______ of contract, the injured party may go to court to sue for financial compensation (or ¹¹⁾ ______), or for rescission, for injunction, or for specific performance if financial compensation would not compensate for the breach. Specific ¹²⁾ ______ of a contract is the right by one contracting party to have the other contracting party perform the contract according to the precise ¹³⁾ ______ agreed.

agreement, breach, capacity, consideration, damages, fraud, illegal, obligation, oral, performance, property, signed, terms

6.18. SAY WHAT YOU KNOW about:

- the importance of contract law in international business;

- fundamental norms that the structure and content of a written agreement must comply with;

- different kinds of contractual clauses.

6.19. Debates

Do you support the statement: “A contract is only as good as the relationship with the other party in the contract”.

6.20. KEY WORDS
acceptance acceptor assent bilateral contract breach of contract capacity of the party consideration contract under seal contracting party contractual relationship counteroffer deed enforceability executed contract executory contract expiration date express contract implied contract implied-in-fact contract	implied-in-law contract legally enforceable agreement misrepresentation money damages mutual promises offer offeree offerer party to contract specific performance subject matter terms of contract to bind to rescind unenforceable contract unilateral contract valid void voidable

6 .21. MAKE A REPORT on the topic “Contract Law”, paying attention to the following points in your speech:

- nature of contract law;

- essential elements of a valid contract;

- classifications of contracts;

- discharge of contractual obligations.

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