Language study

Vocabulary

6. Match the following English words and expressions with their Ukrainian equivalents:

1. commitment of individuals а) товарообмін

2. business civilization b) влада церкви

3. authority of religion c) ушкодження

4. barter d) обов’язки сторін

5. property law e) прибуток

6. penalty f) майнове право

7. benefit g) покарання, штраф

8. damage h) комерційна ера

7. Do your best to understand the meaning of the terms "transaction", "contract Law" and others. Match each term on the left with an explanation on the right.

a) transaction	1) it is a body of the law which regulates relations arising out of binding agreement between the parties, natural persons or legal entities
b) contract	2) is the body of rules, laws or legal principles that govern the rights and duties of nation states in relation to each other.
c) contract law	3) refers to the body of rights and duties of private individuals and business entities of different sovereign states.
d) agreement	4) a business deal
e) international public law	5) mutual assent between two or more legally competent persons, ordinarily leading to a contract
f) international private law	6) a formal written agreement between two or more people or groups which says what each must do for the other, or must not do

8. Complete these sentences using the words in the box.

a) breach	c) damages	e) obligations	g) terms
b) counter-offer	d) formation	f) oral contract

1. Usually, contract ________ occurs when an offer is accepted.

2. A new offer made by one party to another party is called a _________.

3. The price and the subject matter of a contract are the essential _________ of a contract.

4. A contract which is not in written form but has been expressed in spoken words is called an ____________ .

5. Under a contract, a party has _________ (that is, certain things it has to do).

6. When a party does not do what it has promised to do under a contract, it can be sued for _______ of contract.

7. A court can award __________ to the non-breaching party.

9. Match the verb in the box with the nouns they go with in the text.

a) accept	c) breach	e) enforce	g) make	i) negotiate
b) reject	d) award	f) file	h) form	j) perform

1. an offer

2. a contract

3. damages

4. a lawsuit

10. Which other verb-noun collocations are possible with the words in ex.9?

11. With a partner, take turns to look at each of the verbs in the box in Exercise 6 and discuss whether the following subjects can carry out the action in question:

1. a party

2. the parties

3. the court

4. a lawyer

Example: Well, a party accepts an offer, and a lawyer can accept an offer, too. But I don’t think you can say that a court accepts an offer.

12. Here is a brief summary of the law of contract. Complete the texts using the following words.

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

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.