Contract: subject of the contract. Prices and total value

COMMERCIAL ACTIVITIES AND TYPES OF CONTRACTS

DISCUSSION

How does a contract end?

What form does a contract take?

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.

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⁾ ______.

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.

Ex. 12. Translate the text below into English.

В гражданском праве договор — это соглашение двух или более сторон, направленное на установление, изменение или прекращение гражданских прав и обязанностей. Договор выступает как разновидность сделки. Термином “договор” обозначают и гражданское правоотношение, возникающее из договора, и документ, в котором изложено содержание.

Заключение договора позволяет учесть особенности взаимоотношений сторон, согласовать их индивидуальные интересы, а также создает юридические гарантии для его участников: одностороннее изменение условий договора не допускается, а их нарушение влечет обязанность возместить причиненные убытки.

Договор широко используется во внешней торговле, где он обычно именуется контрактом.

1. Argue for or against the following statements:

a. Contracts must be written to be legal.

b. A spoken contract is less useful than a written one.

c. Contracts may include matters that were never discussed.

d. Westerners are more used to signing contracts than Easterners.

e. It is typical in your country to sign contracts connected with daily life.

f. Nothing can kill romance faster than the word “prenup”.

2. Discuss the importance of contract law in international business.

3. Prepare a short presentation on contract law in your country.

4. Prepare a short presentation on marriage law.

UNIT 12.1.

LIST OF WORDS

1. capacity of the contractors/ contractual capacity

2. basic/auxiliary activities

3. due/proper/faithful performance of a contract

in the performance of a contract

4. to settle the matter/ the business/ a claim/ a difference/ a dispute amicably/ a bill/ an account/ a debt

settlement

5. strict observance

to observe formalities

6. to meet one’s liabilities

liabilities under the contract

7. purchase for future delivery/ on credit

a hire/forward purchase

8. verbally

9. by deed

10. validity

valid/invalid

11. duly

duly signed

12. counterpart

13. to be entitled

14. in behalf of/on behalf of

for and on behalf of

15. to commission

commissioning

16. lease

by/on lease

to be held on a lease

to take smth on a lease

leaseholder/leasee

17. under a barter agreement

18. to compensate smb for losses/damage/injuries

19. as stated above

20. a distributorship agreement

21. to grant a licence/ to obtain a licence

a licence agreement

22. with full particulars

23. to give publicity

a publicity campaign

24. to make out a contract

to make out an invoice/ a bill of lading to smb.

25. a standard form of contract

26. the volume of business/ trade/ delivery

27. the total value of the contract

28. turn-key contracts

29. in the circumstances

30. contingency

31. provision

provisions of a lease

general provisions of a contract

32. an integral part of a contract

33. on the reverse side

34. the face of a contact

35. at the foot (bottom) of the page

36. to attach smth to smth

37. training of specialists

38. appendix

39. to adopt a suggestion

40. subject of the contract

41. to conform to

in full conformity with

42. duration of a contract

43. hereinafter

44. referred to as

45. terminal contract

46. effective date of contract

to give effect to

47. contractual obligations

48. contract law

49. within/outside the extent of the contract

50. remarks on a contract

51. clauses of a contract

52. relevant contract number

53. alterations and amendments to a contract

54. course of the implementation of a contract

55. to annul//hold/forward/infringe/negotiate/initial/revise/terminate/perform

56. enforceable/voidable agreements

57. parole contracts

58. consideration

59. offer and acceptance

offeror/offeree

60. express/implied terms

61. exemption clauses

62. evidence

63. misrepresentation

64. duress

65. undue influence

66. minority/minors

67. remedy

Read the text and check your understanding by answering the questions below.

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