Contract is an agreement between the parties involved that creates

CONTRACTS AND THEIR FEATURES

Contract is an agreement between the parties involved that creates a binding obligation (связывающее обязательство). In general, contracts may be either oral or written. Certain classes of contracts must be written and signed. These are contracts involving the sale and transfer of real estate (передача недвижимого имущества), and contracts to guarantee or answer for the miscarriage (неудача), debt, or default (невыполнение обязательств) of another person. A contract forms the basis of a transaction (соглашение) between the Buyers and the Sellers.

Essential clauses of contract (существенные условия контракта).Some of the items are necessary in any contract: legal title (юридическое наименование) of the contracting parties (договаривающиеся стороны), subject of the contract, quality, price, delivery and payment terms. As a rule a contract contains a number of clauses (пункт), such as:

1. Subject of the Contract,

2. Prices and Total Value of the Contract,

3. Time of Delivery,

4. Terms of Payment,

5. Technical Documentation,

6. Guarantee of the Quality of the Goods,

9. Shipping Instructions and Notifications,

15. Legal Addresses of the Parties.

Subject of contract.This section names the product for sale or purchase. It also indicates the unit of measure (единица измерения) generally employed in foreign trade for specific commodities. Contracts for bulk cargo (насыпной или наливной груз) contain a stipulation (условие) «about» or «plus or minus. per cent», denoting the permitted quantity tolerance (допустимое отклонение).

Quality and Price of goods.The quality of machines and equipment is to be in conformity with (в соответствии с) the technical specification of the contract.

The quality of raw materials and foodstuffs is determined, as a rule, by standards, by sample (по образцу) or by description.

The price stated in a contract may be firm, fixed or sliding.

Firm price (твердые цены). Firm prices are not subject to (подлежащий) change in the course of the fulfillment of the contract.

Fixed price (фиксированные цены). It is the price governing in the market on the day of delivery or for a given period.

Sliding prices (скользящие цены). These prices are quoted for (назначать цену) machinery and equipment which require a long period of delivery.

Arbitration.In case of a breach of contract (нарушение контракта) the injured party (сторона, понесшая ущерб) may go to court to sue for money damages (возбуждать иск о возмещении убытков), or for the contract to be rescinded (аннулировать договор), for injunction (судебный запрет, запретительная норма), or for specific performance (исполнение договора в натуре) if money damages would not compensate for the breach. Specific performance of a contract is the right by one contracting party to have the other contracting party perform the contract according to the precise terms agreed therein.

СОДЕРЖАНИЕ

Резунова Мария Владимировна

BUSINESS ENGLISH

Учебно-методическое пособие по английскому языку

для студентов всех специальностей

Contracts

After the prospective buyer receives the offer he carefully studies it. Then, very often, he has a few talks or exchanges letters with the prospective seller. After the two parties come to an agreement about terms and conditions of the transactions they sign a contract.

Contract is an agreement between the parties involved that creates a binding obligation. In general, contracts may be either oral or written. Certain classes may be written and signed. These are contracts involving the sale and transfer of real estate, and contracts to guarantee or answer for the miscarriage, debt, or default of another person. A contract forms the basis of a transaction between the Buyers and the Sellers.

There are such types of contracts as:

1. contract for the preparation of a detailed project report

2. contract for the sending of specialists

3. contract for rendering technical assistance in the construction of a project

4. contract for the supply of complete equipment

5. contract for the sale of know-how and license

6. research and development contract

7. developmental contract

8. risk contract.

Some of the items are necessary in any contract: legal title of the contracting parties, subject of the contract, quality, price, delivery and payment terms. As a rule a contract contains a number of clauses, such as:

1. date of the contract

2. place or city

3. reference number

4. names of the buyer and the seller

5. description of the goods

6. price and the total value

7. terms of delivery

8. terms of payment

9. rights and duties of the parties

10. responsibility of the parties and procedure for setting disputes

11. addresses and essential details of the parties, etc.

In order for a contract to be a legally binding agreement, it must contain the following elements:

— there must be an offer and an acceptance;

— there must be consideration (i.e. something must be offered in exchange for something else);

— there must be an intention to create legal relation.

Here is an example of an agreement:

ІІІ. Post-reading stage:

3. Consult a dictionary, read and translate the following words:

2. Answer the following questions:

1. What do the two parties sign after coming to an agreement about terms and conditions of the transactions?

2. What is contract?

3. What types of contracts do you know?

4. What items are necessary in any contract?

5. What elements should a contract contain to be a legally binding agreement?

3. Sum up what the text says about:

1. the preparatory work before the contract is signed

2. the usual information the contract specifies

3. the types of contracts

6. Learn the contract given above and define all the clauses of the contract. How many clauses does it contain?

7. Consult a dictionary, read and translate the following words:

8. Translate the following sentences into Ukrainian:

1. The part sending tourists pays bank charges.

2. Both partied sign the corresponding statement.

3. The appendixes are considered the inseparable part of this agreement.

4. Prolongation of agreement is done by exchanging of official letters.

5. The parts do not carry any responsibility for the cases, which happened as a result

of illegal behavior of tourists as well as for such cases which were caused by the

transport organizations, luggage, money or any tourist’s property loss.

6. But the parties are obliged to undertake all necessary measures to resolve the conflicts.

7. Changes and supplements to the agreement are valid if written and signed.

8. The two parties are not supposed to entitle with their rights to the third part without other than by mutual decision.

9. Find English equivalents to the following:

І. Pre-reading stage: 1) Have you ever conclude a sales contract?

2) What are the liabilities of the seller?

1.Study the following words and word-combinations:

1. sales contract – договір купівлі-продажу

2. party to a contract – сторона, що домовляється

3. to conclude a contract – укладати угоду

6. liability – обов’язок

7. title – право власності

8. document of title – документ, що надає право власності

9. breach of contract – порушення угоди

10. injured party – потерпіла сторона

ІІ.While-reading stage:

2. Read and translate the text:

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International commercial arbitration

International commercial arbitration is based on the same principles as domestic arbitration except it takes place between companies. The International Court of Arbitration of the International Chamber of Commerce is the arbitration body attached to the ICC. The function of the court is to provide for the settlement by arbitration of business disputes of an international character in accordance with the ICC’s arbitration rules.

Below is a summary of the work and workings of the court. Match the descriptions to the headings.

a The work of the Court is of a confidential nature which must be respected by everyone who participates in that work in whatever capacity. The Court lays down the rules regarding the persons who can attend the meetings of the Court and its Committees and who are entitled to have access to the materials submitted to the Court and its Secretariat.

b Within 30 days from the receipt of the Request from the Secretariat, the Respondent shall file an Answer.

c The Court does not itself settle disputes. It has the function of ensuring the application of the Rules of Arbitration.

d The Court may set up one or more Committees and establish the functions and organization of such Committees.

e The Court shall consist of a Chairman, Vice-Chairmen, and members and alternate members (collectively designated as members). In its work it is assisted by its Secretariat (Secretariat of the Court).

f The dispute shall be decided by a sole Arbitrator or by three Arbitrators.

g The Plenary Sessions of the Court are presided over by the Chairman, or, in his absence, by one of the Vice-Chairmen designated by him.

h A party wishing to have recourse to arbitration under these Rules shall submit its Request for Arbitration to the Secretariat, which shall notify the Claimant and Respondent of the receipt of the Request and the date of such receipt.

i The Chairman is elected by the ICC Council upon recommendation of the Executive Board of the ICC.

Introduction to the law of contract – for the teacher

Here is a brief summary of the law of contract. Complete the texts using the words in the box.

What is a contract?

It is an agreement that creates a binding (1) obligation upon the parties. The essentials of a contract are as follows: mutual (2) agreement; a legal (3) consideration which in most instances need not be financial; parties who have legal (4) capacity to make a contract; absence of (5) fraud or duress; and a subject matter that is not (6) illegal or against public policy.

What form does a contract take?

In general, contracts may be either (7) oral or written. Certain types of contracts, however, in order to be enforceable, must be written and (8) signed. These include contracts involving the sale and transfer of (9) property.

How does a contract end?

In case of a (10) breach of contract, the injured party may go to court to sue for financial compensation (or (11) damages), or for rescission, for injunction, or for specific performance if financial compensation would not compensate for the breach. Specific (12) performance of a contract is the right by one contracting party to have the other contracting party perform the contract according to the precise (13) terms agreed.

Types of legal contracts

Link the type of contract to its description.

Contract vs Agreement

The words contract and agreement are often used to mean the same thing, yet there are unmistakable differences between the two. Â A contract is a written or verbal agreement between two or more parties that is enforceable by law. Â An agreement is a written or verbal contract between two or more parties that is not enforceable by law. Â The proper way to make an official contract is through legal means, whereas an agreement can be done without legal involvement. Agreements are generally made over small things, and are usually held by taking someone’s word. Â A contract is made legal when it involves important issues where a promise cannot suffice. Â Contracts and agreements are used for the same purpose, however a contract is a professional agreement.

There are many types of contracts which can be developed. Â One is the financing contract which is created between a debtor and a lender. Â There are project management contracts created between workers and the person who is paying them to complete a certain project. Â Other contracts include building contracts, service contracts, and some consider marriage to be a contract as well. Â Agreements are different as they are created on a personal understanding; a trust that a person will complete their half of the agreement. Agreements can also be made for the aforementioned things, however there is no legal guarantee for reimbursement should the other person not complete their job. Â Agreements are more commonly made between family members or close friends and are similar to promises. Â Like promises, agreements can be broken; when this occurs there are no legal repercussions.

In order for a contract to become binding, there are certain elements it must possess. Â It must demonstrate universal acceptance; all parties are in agreement with the limitations set forth by the contract. Â It must be plausible and possible, meaning that is should be believably obtainable to commit to by all parties involved. Â When an agreement is made, there is only a verbal acceptance by the parties involved. Â It can be made even if the stipulations are impossible, and the parties are able to alter an agreement as they see fit and when they desire.

Contracts and agreements are created with the same purpose of creating a formal agreement between parties. Â The difference lies in the formality of the contract and the personalization of an agreement.

Agreement vs Contract – Difference Between Agreement and Contract

May 16, 2019 By Hitesh Bhasin Tagged With: Business

The two words agreement versus contract are often used for the same purpose yet there are a number of differences between both of them. A contract can be defined as a verbal or written agreement between two or more than two parties and is fully enforced by the law.

On the other hand, an agreement is a written or verbal contract between two or more than two parties which is not enforced by the law. A contract can only be prepared through law and legal means whereas it is not necessary to involve law or any legal entity while preparing an agreement.

Contracts are made when issues are of utter importance and can’t suffice only on the promise. Agreements are made for smaller issues where someone’s words can be trusted. However, both contract, as well as agreement, serve the same purpose.

There is various type of contracts that can be created such as a contract between a lender and a debtor, project management contract between the workers who are working on a project and the person who is paying to get the project completed. Other than that contracts can be service contracts, building contracts and even marriage can also be a contract.

Agreements are developed on the basis of personal understanding of parties involved. The agreement is made on the trust that each party will keep their promise. Agreements are usually created between close friends or family members.

Agreements are less trustworthy and can easily be broken as promises with no legal consequences. A contract requires certain elements to be included in order to become binding. It should have universal acceptance. A contract is plausible and possible that is all parties should be committed to fulfilling the agreed terms.

A contract is suitable when provisions are impossible and there are chances for parties to change agreement as it fits them.

Table of Contents

Definition of a Contract

A contract is known as a legally enforceable agreement for doing or not doing certain acts. A contract must consist of elements like adequate and unconditional consideration, offer and acceptance, capacity, free consent, certainty, lawful objects, intentions of creating legal obligations, and no void agreement.
A contract can be a written or verbal contract. few major types of contracts are a voidable contract, void contract, unilateral contract, valid contract, express contract, bilateral contract, contingent contract, tacit contract, executed contract, implied contract, Quasi contract, executory contract, etc.

Definition of an agreement

An agreement is made between two person or more than two persons when one party is ready to offer something and another party accepts it with equal considerations. It is important that both parties agree on the same thing and they are on the same page.

Few major types of agreements are void agreement, wagering agreement, implied agreement, voidable agreement, conditional agreement, express agreement, illegal agreement, and conditional agreement, etc.

The key differences between the agreement Agreement versus Contract

Benefits of contract and agreement

The main advantage of a contract is that agreed terms between concerned parties are in written form and when any of the party don’t fulfill those conditions, a contract can be used by the court to take proper actions against the faulty party.

Contracts are beneficial even when two parties have the utmost trust in one another. It provides an extra layer of assurance to the parties. Contracts are advisable in official agreements and also in commercial matters for an extra layer of protection.

The primary benefit of an agreement is that it is entirely informal. The base criteria of an agreement are the utmost trust and longstanding relationship between the contracting parties. Because it is not created under the law it saves a lot of time and is flexible on agreed stipulations. E

ven though agreements don’t contain all legal elements of a contract they are still more viable as it is not burdensome on the parties involved in the matter.

Conclusion

From the above discussion, we have learned that agreements are made on the basis of mutual consent between two parties and trust between them. On the other hand, the contract is legally created an agreement with certain repercussions when decided conditions are not met.