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.
Exercise 27. Match the verbs with the nouns they go with in the text.
1) to accept a) an offer
2) to award b) a contract
3) to breach c) damages
4) to enforce d) a lawsuit
5) to file
6) to form
7) to make
8) to negotiate
9) to perform
10) to reject
Exercise 28. Listening (νΰ moodle). Contract law lecture.
A) What is the general subject of the lecture?
B) What topic will the lecturer talk about next time?
C) Listen and complete this excerpt from a students lecture notes by writing one word in each space.
Introductory lecture on contract law
· Three requirements for formation:
3) intention to create relations
· Agreement: when 4) . Become a settled deal
· When an offer is made and 5) , there is agreement.
· Questions about offers: e.g. who makes an offer in an auction? Is a 6) list an offer? Is an advertisement an offer?
· Questions about acceptance: does acceptance have to be 7) ? Accept by 8) .?
· Consideration basically means the 9) . . If there is no consideration, the contract is not legally 10) . .
· Next weeks lecture will cover rules of 11) . .
Exercise 29. Read and translate the text
How are contracts classified?
Contracts can be classified as either unilateralor bilateral, according to whether one or both parties make a promise. Contracts also can be classified according to enforceability as valid, voidableand voidor unenforceable. The following classifications are also important:
Method of Creation
The way a contract comes into being gives some idea of its nature. Thus, there are express contracts, implied contracts, and quasi contracts.
Express contracts. In an express contract, the agreement is stated in words written or spoken.
Implied contracts. In an implied contract, the agreement is not stated in words. Instead, the intent of the parties is shown by their conduct and by the surrounding circumstances. For example, a schoolboy buys some fruit juice in the high school cafeteria by inserting coins into a vending machine.
Quasi contracts. In a quasi contract, the parties are bound as though there were a valid contract even though technically there is none. For example, a doctor may voluntarily give first aid to a person injured in an accident. There is no agreement. Yet the doctor may submit a bill and collect a charge reasonable for such a professional service. Thus, the law creates an obligation in the absence of an actual agreement between the parties. This is done to prevent unjust enrichment of one party. Strictly speaking, no contract exists because some essential element is missing. Someone who is not a doctor could give similar first aid yet not be entitled to payment since the service is not done with the expectation of payment nor by a licensed specialist.
A few contracts must meet strict requirements as to formality. They are called formal contracts. Most need not meet such requirements. They are called simple contracts.
Formal contracts. A formal contract is a written contract that must be in some special form to be enforceable. Examples are commercial paper and contracts under seal. Commercial paper, such as an ordinary check, must meet certain requirements to be valid. A contract under seal is one with a seal attached or with a similar impression made on the paper. Seals served to validate agreements years ago.
Simple contracts. A contract that is not formal is a simple contract. This is true whether the contract is oral, written, or based on conduct.