ВУЗ:
Составители:
Рубрика:
–4–
UNITS
Unit 1. CONTRACTS
1. FOCUS ON THE TEXT
••
••
• Pre-reading Tasks
1. What is a contract? Give your definition of the word. Compare
it with a dictionary definition.
2. Check the meaning and pronunciation of the following words
in your dictionary:
infer (v) repudiation (n)
determine (v) legal (adj)
deficient (adj) revenue (n)
compliance (n) authority (n)
affirmation (n) evidence (n)
••
••
• Text
DEFINITION OF A CONTRACT
A contract is an agreement between two or more persons, which
may be enforced if the law is properly invoked. In every contract,
therefore, it may be inferred that some right is acquired by one party
and a correlative obligation or liability is undertaken by the other.
It will be shown later that, for a contract to be valid, certain
essentials must be satisfied; and if any one of such essentials is defi-
cient, the contract may be either voidable or void. And even if every
essential of a valid contract is satisfied, it may be unenforceable by
reason of non-compliance with certain formal requirements.
Since the terms “void” and “voidable” will be frequently used in this
chapter, a clear understanding of their meaning must be obtained.
A voidable contract is one which is capable of affirmation or
repudiation at the option of one of the parties, such as the contract
entered into by an infant which confers rights of a continuous nature
on him, e. g., the purchase of shares in a limited company.
UNITS Unit 1. CONTRACTS 1. FOCUS ON THE TEXT • Pre-reading Tasks 1. What is a contract? Give your definition of the word. Compare it with a dictionary definition. 2. Check the meaning and pronunciation of the following words in your dictionary: infer (v) repudiation (n) determine (v) legal (adj) deficient (adj) revenue (n) compliance (n) authority (n) affirmation (n) evidence (n) • Text DEFINITION OF A CONTRACT A contract is an agreement between two or more persons, which may be enforced if the law is properly invoked. In every contract, therefore, it may be inferred that some right is acquired by one party and a correlative obligation or liability is undertaken by the other. It will be shown later that, for a contract to be valid, certain essentials must be satisfied; and if any one of such essentials is defi- cient, the contract may be either voidable or void. And even if every essential of a valid contract is satisfied, it may be unenforceable by reason of non-compliance with certain formal requirements. Since the terms “void” and “voidable” will be frequently used in this chapter, a clear understanding of their meaning must be obtained. A voidable contract is one which is capable of affirmation or repudiation at the option of one of the parties, such as the contract entered into by an infant which confers rights of a continuous nature on him, e. g., the purchase of shares in a limited company. –4–
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