By custom, statute and common law

Replace expressions in bold with appropriate variants.

Defaulting party.

Read the sentences replacing expressions in bold with their synonyms.

1. Liquidated damages are contractual provisions which state a fixed amount

necessary to compensate a non-breaching party in case of a breach.

2. The purpose of a merger clause is designed to ensure that prior or oral

warranties, terms or conditions between the parties to the contract cannot vary

the written provisions of the contract because all such agreements have been

stipulated in the contract.

3. A breach of a condition can lead to terminating a contract.

4. Conditional acceptance results in counter offer.

5. In some cases court may grant specific performance for partial performance of

a contract.

6. Breaching Party means a party that fails to carry out obligations under the

contract.

7. A non-breaching party can seek an appropriate remedy in court against a

8. General damages are immediate and direct result of the breach of contract.

9. Expectation damages are awarded to a non-breaching party only in case if

those damages can be calculated with reasonable certainty.

1. – Our attorney says that if our contract has been performed only in some

parts we can’t end it.

- Oh, what a shame! I thought under the law you have all reasons to deny it.

2. – How old is your son?

- 14.

- Do you know that a minor has no legal rights to conclude a contract by

himself? Otherwise, the contract has no legal force.

3. – Have you negotiated all points yet?

- Yes, we have. But they said that they want to change some of them.

4. – Any of the parties which conclude a contract can sue for damages in case of

a breach.

- I hear that you can even fix these damages in the contract before any breach.

5. – I’ve missed the lecture on Introduction to Contract Law. Could you go through

it with me.

- No problem. It was just clarifying the basic element of every contract/ They are

offer, acceptance, intention and the last one, I don’t remember exactly, but it is

something of value given by both parties in exchange … for some promise, for

example.

- Ok. Got that.

- The professor went on to talk about terms of a contract. There are express terms

which are set out directly in the contract, and the terms which are presupposed

6. – Have you consulted at a law clinic. What did they say?

- Good news. They say that you cannot be forced to perform the contract

because of lapse of time.

7. – I’m going to sue for damages.

- Why? What’s happened? Haven’t they carried out the contract?

- They have. But their performance does not fully satisfy all requirements of the

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