Станислав Коростелев: Английский язык для юристов. Предпринимательское право

After a contract has been negotiated, all obligations must then be satisfactorily performed in order for the contract to be executed. A contract that has not yet been fully performed by the parties is called an executory contract. When a contract's terms have been completely and satisfactorily carried out by both parties, the contract becomes an executed contract. Such a contract is no longer an active agreement and is valuable only if a dispute about the agreement occurs.

Exercise 1. Comprehension questions:

1. How are the two contracting parties called?

2. What are the requirements of an offer?

3. Can it be called an acceptance when the offeree changes the terms?

4. What does the mutual assent suppose?

5. In what cases do people have the right to abandon their contracts?

6. What is a consideration and why is it an important element of a contract?

7. What makes the contract illegal?

8. Can quasi-contract be called a contract in the true sense of the word?

9. What is the contract of record?

Exercise 2. Find in the text English equivalents to the following:

Явно выраженный договор; подразумеваемый договор; лицо, по отношению к которому принято обязательство; кредитор по обязательству; лицо, принявшее на себя обязательство; должник по обязательству, дебитор; кредитор по договору; должник по договору; договор, не могущий быть принудительно осуществленным в исковом порядке; оспоримая сделка; ничтожная сделка.

Exercise 3. Consult recommended dictionaries and give words or phrases to the following definitions:

Возмездный договор; безвозмездный договор; публичный договор; предварительный договор; договор в пользу третьего лица; толкование договора; простая письменная форма договора.

Exercise 4. Be ready to talk on one of the following topics:

1. Identify the six elements of a contract.

2. Distinguish contracts from other agreements made between different parties.

3. Explain the nature of valid, void, voidable, and unenforceable contracts.

4. Contrast unilateral and bilateral contractual arrangements.

5. Outline the difference between express and implied contracts.

6. Contrast the nature of a formal contract with that of an informal contract.

7. Explain how executory contracts differ from executed contracts.

Exercise 5. Make up your own dialog on the case: In Kunian v. Development Corp. of America, the seller of plumbing and heating materials entered into an installment contract with the buyer. Several months later the buyer was $38,000 behind in payments for installments of goods delivered. After the seller demanded assurance of performance from the buyer, the buyer promised that he would pay the outstanding indebtedness if the seller would continue his performance. When a month passed and the buyer had made no further payments, the seller informed the buyer that no further deliveries would be made unless the buyer deposited in escrow a sufficient amount of cash to pay for the delivered goods. The court held that the seller had «reasonable ground for insecurity» and that his suspension of performance was justified.

Exercise 6. Resume in industry buzz:

Types of Ks

1. Express or Implied a. Express is statemts of mutual assent; willingness to enter into a K

b. Implied is no statements; conduct

2. Bilateral, Unilateral or Code a. Code is sale of goods & no bi/uni distinction b. Bilateral formed w/mutual promises of parties, perf. of both fully executory c. Unilateral promise 1 side & fully executed perf. the other (K no formed until fully executed 1 side)

3. Telling if Bilateral or Unilateral a. Unilateral if offer warns only accept by act or if public offer b. Bilateral always if asks for return promise c. Offer indifferent (can't tell if promise or perf. requested) MAJ it's bilateral

Офертой (глава 28 ГК РФ) признается такое предложение, которое: а) должно быть достаточно определенным и выражать явное намерение лица заключить договор; б) должно содержать все существенные условия договора; в) должно быть обращено к одному или нескольким конкретным лицам. Акцептом признается согласие лица, которому адресована оферта, принять это предложение, причем не любое согласие, а лишь такое, которое является полным и безоговорочным. Акцептом считается также совершение лицом, получившим оферту, в срок, установленный для акцепта, действий по выполнению указанных в ней условий договора. Будучи полученными, оферта и акцепт порождают юридические последствия для совершивших их лиц.

– acceptance – акцепт, акцептование

– cost-plus contract – договор на условиях оплаты фактических расходов с начислением определенного процента от этих расходов

– counteroffer – встречное предложение; контроферта

– current market price contract – договор на условиях оплаты по текущим рыночным ценам

– firm offer – предложение товара или ценных бумаг по твердой цене; твердое предложение

– invitation to trade – приглашение сделать оферту

– mirror image rule – правило зеркального отображения

– offer – предложение; оферта

– offeree – адресат оферты; лицо, которому делается предложение

– offerer – оферент; лицо, делающее предложение

– option contract – опционный контракт

– output contract – договор о продаже всей произведенной продукции

– public offer – оферта, обращенная к неопределенному кругу лиц

– rejection – отклонение, отказ

– requirements contract – контракт «на все потребности покупателя» (предусматривающий закупку покупателем только у одного поставщика)

– revocation – отмена, аннулирование; ревокация

The first element of a valid contract is the existence of an offer. An offer is a proposal made by one party to another indicating a willingness to enter into a contract. The person who makes an offer is called an offeror. The person to whom the offer is made is called the offeree. An offer is valid only if it has serious intent, has clear and reasonably definite terms, and has been communicated to the offeree.