Legal English Vocabulary VV 26 – Contract Law (Lesson 1) | Business English Vocabulary

you’re watching video vocab by business
English pod dot-com in this lesson we’ll look at the key principles behind
contracts and contract law if you’ve ever signed up for a mobile phone booked
a hotel room or accepted a job offer you’ve made a contract and there are
several key aspects of every contract beginning with the intent to make one an
offer and consideration for both sides agreement on the specific elements of a
contract leads to acceptance at which point the contract is legally binding to
both parties of course the parties must have made
truthful representations in the course of their negotiations a contract may
also be threatened when one party does not fulfill its obligations which can
lead to repudiation there is also a situation called
frustration when a contract cannot be fulfilled for unseen reasons when two parties under contract cannot
agree they may try to settle their dispute through a process of arbitration
if this doesn’t work one party may attempt to sue the other in court hoping
to be awarded damages in the case of a breach of contract now let’s look at the
vocabulary in more detail with some definitions and examples contract to
make a contract a contract is any formal agreement
between people or businesses whenever we make a contract we are creating a legal
relationship under John’s employment contract he gets
three weeks of vacation every year intent intent having the intent to make
a contract means that you actually want to make one
without intent on both sides there can be no contract while tabatha wanted to make some sort
of deal Ron had no intent you offer to make an offer when you propose
a possible contract to a person or business you are making an offer
that offer may be accepted rejected or amended and sent back as a counteroffer the company’s lawyers sent the offer to
the competitors legal team consideration consideration every contract must include something of
value however small for both sides this benefit or item of value is called
consideration and felt that the deal didn’t include enough consideration for
his party acceptance acceptance acceptance happens when both sides agree
on a contract once the offer or contract is formally
accepted the agreement becomes legal acceptance of a contract depends on
certain facts being verified party parties to a contract the party’s in a contract are those who
are agreeing to do something each party maybe a person a group of
people a business or another type of organization because the two parties couldn’t agree
on costs they fail to make a deal representation to make a representation
anytime you make a statement of fact in a contract or in negotiating a contract
you are making a representation the judge decided that oral inks
representations were truthful and accurate repudiation repudiation if one party does not fulfill its
obligations under a contract the result is repudiation of the
contract repudiation may have consequences
outlined in the contract or it may lead to a lawsuit repeated failure to pay on time led to
repudiation of the contract frustration stray ssin frustration of a contract happens when
the contract cannot be fulfilled for reasons beyond anyone’s control frustration is not the fault of either
party frustration of the contract came about
when it was found to violate trade agreements to settle a dispute when contracted parties can’t agree they
have a dispute finding a solution to their disagreement
is referred to as settling the dispute which they may do in or out of court
it took the u.s. and Canada years to settle their dispute over tobacco taxes arbitration to arbitrate contracted parties that have a
disagreement will usually try to reach a solution out of court through
arbitration wanting to avoid a costly legal battle
the two companies agreed to arbitration damages to award damages if the contracted parties can’t settle
their dispute through arbitration they may go to court in this case a judge may award damages
usually in the form of money to the party that is able to prove their claim
the judge awarded damages to the complainant after a lengthy court case now it’s your turn to practice some of
the words we’ve studied in this lesson in a moment you’ll hear a series of
sentences with a word replaced with a beep repeat each sentence including the
missing word for example if you hear I met with the buyer in my lawyer’s office
to sign the you can say I met with the buyer in my
lawyer’s office to sign the contract we’ll play the correct answer after each
question ready let’s give it a go we wanted to settle the out of court to
save money answer we wanted to settle the dispute
out of court to save money I decided to refuse there because the
price wasn’t right answer I decided to refuse the offer
because the price wasn’t right a contract becomes legal immediately
after answer a contract becomes legal
immediately after acceptance we celebrated when the judge decided to
award us answer we celebrated when the judge
decided to award us damages that’s all for this episode of video
vocab the first in our series on contract law be sure to check out our
website at nough Singlish vocabulary thanks for watching
and see you again soon

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