CONTRACT LAW
Text 1 DEFINITION OF A CONTRACT
A contract may be defined as a legally binding agreement between individuals or between a state and an individual. Binding agreements between states are treaties.
This means that the agreement generates rights and obligations that may be enforced in the courts. The normal method of enforcement is an action for damages for breach of contract, though in some cases the court may compel performance by the party in default.
Contracts are classified into "contracts by deed" and "simple contracts". The contract by deed must be in writing and must be signed, witnessed, and delivered. Promises made by deed do not need to be supported by consideration in order to be enforceable.
All other contracts may be classified as simple contracts, whether they are made in writing, orally or by conduct. Another way of classifying contracts is according to whether they are "bilateral" or "unilateral".
In case of a bilateral contract a promise by one party is exchanged for a promise by the other. The exchange of the promises is enough to make them both enforceable. In case of a unilateral contract one party promises to do something in return for an act of the other, as opposed to a promise. There are three basic elements in the formation of a valid contract. First, the parties must have reached an agreement (offer and acceptance); secondly they must intend to be legally bound; and thirdly, both parties must have provided valuable consideration.
A contract consists of various terms, both expressed and implied. A term may be inserted into the contract to exclude or restrict one party's liability.
A contract maybe invalidated by a mistake, or by illegality, and where the contract has been induced by misrepresentation, duress or undue influence, the innocent party may have the right to set it aside.
Many people assume that a contract is only legally enforceable if it is in writing and signed by the parties to the contract. This is a mistaken belief. Most of us during our daily lives enter into unwritten contracts which are as legally enforceable as the most complex written documents. Simple transactions such as the purchase of a bus ticket or a packet of frozen peas from a supermarket are enforceable agreements and governed by the rules of the law of contract.
Notes
- contract law – договорное право
- legally binding agreement – юридически обязывающее/обязательное соглашение
- generate rights and obligations – формировать права и обязательства
- to enforce – принудительно осуществлять; взыскивать в судебном порядке;
- enforcement – принудительное осуществление; взыскание в судебном порядке; принуждение к исполнению
- enforceable – имеющий исковую силу; могущий быть принудительно осуществленным в судебном порядке; обеспеченный правовой санкцией
- action – иск
- action for damages – иск о взыскании убытков
- breach of contract – нарушение договора
- to break a contract — нарушить/нарушать договор
- to compel – заставлять, вынуждать
- performance – исполнение
- performance of a contract – исполнение договора
- to perform a contract – исполнить договор
- party – сторона по делу, в договоре и т.п.; участник, участвующее лицо; контрагент
- party to a contract – сторона-участник договора
- party in default (at, in) fault – виновная сторона
- contract by deed/contract under seal/specialty contract —договор за (скрепленный) печатью/ нотариально заверенный договор
- simple contract – простой контракт
- consideration – встречное удовлетворение
- bilateral contract – двусторонний договор
- unilateral contract – односторонний договор
- formation of a contract – заключение договора
- to form a contract/to make a contract/ to enter into a contract – заключать договор
- valid contract – договор, имеющий силу; надлежаще оформленный договор
- invalid contract – не имеющий силы договор; договор, оформленный ненадлежащим образом; недействительный договор
- to reach an agreement – достичь соглашения
- offer and acceptance – оферта и акцептирование оферты
- bound – обязанный, связанный обязательствами
- valuable consideration – надлежащее встречное удовлетворение
- terms of the contract/contract terms условия договора
- expressed terms – выраженные условия
- implied terms – подразумеваемые условия
- liability – ответственность; обязанность; долг, долговые обязательства
- to invalidate – делать недействительным, признавать недействительным
- illegality – незаконность, противозаконность, неправомерность, противоправность, нелегальность
- to induce – побуждать, склонять
- misrepresentation – введение в заблуждение
- duress – принуждение
- undue influence – злоупотребление влиянием
- unwritten contract – устный договор
- written contract - письменный договор
- transaction – сделка, ведение деловых операций
Exercises
Find the equivalents in the text
1. юридически обязывающее соглашение; 2. права и обязательства; иск о взыскании убытков; 3. виновная сторона; 4. двусторонний договор; 5. заключение договора; 6. достигать соглашения; 7. иметь исковую силу; 8. условия договора; 9. выраженные условия; 10. подразумеваемые условия; 11. договор за печатью; 12. сделка; 13. участник. договора; 14. принуждение.
Find the equivalents
invalidate a. to make people obey a rule or law
damages b. a civil proceeding commenced by writ or in such
action other manner as may be prescribed by rule of court
enforce c. a person or a group of people who take part in a trans action or legal
party proceeding
d. to make a document, claim, etc., no longer legally or officially accepted
e. money that a court orders someone to pay to some one else for harming
them or their property