I. Модуль профессионального общения Учебно-профессиональное общение Purchase and Sale Agreement
Text 2 2.1. Study the following words and word combinations
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- 2.2. Read and translate the text into Russian. The Concept of a Contract
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2.1. Study the following words and word combinations.
2.2. Read and translate the text into Russian. The Concept of a Contract A contract is an agreement which legally binds the parties. Sometimes contracts are referred to as “enforceable agreements”. However, the underlying theory is that a contract is the outcome of “consenting minds”, each party being free to accept or reject the terms of the other. A contract may relate to virtually any type of transaction. Contracts may relate to performance of a service, sale, or transfer of ownership of property, or a combination of these types of transactions. Parties to a contract may be individuals, partnerships, corporations, or even governments. There may be more than two persons to a contract. With some exceptions, only the parties making a contract have rights or duties under the contract. It is possible for other persons to have rights and duties with respect to a contract other than the original parties to the contract. For example, rights under a contract may be assigned to a third person. Also, a contract may be made for the benefit of a third person as in a life insurance contract. A life insurance contract involves the insurance company, the insured, and the beneficiary. The essential elements of a contract are: 1. An agreement is made as a result of an offer and acceptance. 2. The agreement contains an element of value known as consideration. 3. The parties intend to create legal relations. The validity of a contract may also be affected by the following factors: Capacity. Some people, for example children have limited capacity to make contracts. Form. Most contracts can be made verbally, but others must be in writing. Some verbal contracts must be supported by written evidence. Content. The parties may generally agree any terms, although they must be reasonably precise and complete. Some terms will be implied by courts, custom or statute. Genuine consent. Misrepresentation, mistake, duress and undue influence may invalidate a contract. Illegality. A contract will be void if it’s illegal or contrary to public policy. A valid contract is a legally-binding contract that is made in accordance with all legal requirements. A voidable contract is an agreement that would be binding and enforceable except the circumstances surrounding its execution, or the fact that one of the parties lacks “capacity,” makes the contract voidable at the option of one of the parties. A void agreement is an agreement which is without legal effect. For example, an agreement which deals with the performance of an illegal act is void. Download 0.95 Mb. Share with your friends:
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