…by 15.10.2009

LAW OF CONTRACTS.

A contract is an agreement which is made between two or more parties and which is binding in law.
The parties must have a legal intention to be legally bound before making a contract. They must agree to contract on certain
terms, that is, they must know what they are agreeing to, though they need not know that their agreement can be described in law as a contract.
In order to be binding in law the agreement must include an offer and an acceptance of that offer. In every valid contract there must also be an exchange of consideration. A valuable consideration is something a person has given, or done, or agreed not to do when making a contract. For a example, when you buy an item at a store, your consideration is the money you pay, and the seller's consideration is the item you buy.
One principle of English contract law is that there must be an offer and an acceptance in the contract. An advertisement to sell something is not normally considered an offer, since it is impossible to make a contract with all the people who might read it. From the legal point of view an advertisement is an invitation to treat.
If I see an ad in a newspaper offering to sell a car, and I telephone the advertiser and agree to buy it, he is not obliged to sell it to me. This is because the law considers that the real offer is when I contact the seller asking to buy the car. The seller may then decide whether to accept or reject my offer. That is the reason a store does not have to sell you the goods it displays for sale.
Most contracts can be either written or oral. However, certain kinds of contracts must be in writing to be enforceable in court of law. These include contracts for the sale of land and real estate, contracts of insurance and hire-purchase.

Vocabulary Notes.

1.

contract

контракт

2.

party

сторона в контракте

3.

to be binding in law

иметь обязательную силу по закону

4.

legal intention

правовое намерение

5.

to be legally bound

быть обязанным по закону

6.

to make a contract

заключать контракт

7.

to contract on certain terms

заключать контракт на определенных условиях

8.     

offer

предложение, оферта

9.

acceptance

принятие, акцепт

10.

valid

юридически действительный

11.

exchange of consideration

обмен встречными удовлетворениями

12.

valuable consideration

надлежащее встречное удовлетворение

13.

item

вещь

14.

advertisement

реклама, рекламное объявление

15.

invitation to treat

приглашение к сотрудничеству /сделать оферту

16.

to accept an offer

принять оферту

17.

to reject an offer

отказаться принять оферту

18.

to display for sale

выставлять на продажу

19.

written contract

контракт в письменной форме

20.

oral contract

контракт в устной форме

21.

to be enforceable in court of law

способный быть осуществленным в судебном порядке

22.

contract of insurance

контракт по страхованию

23.

hire-purchase

купля-продажа в рассрочку