Exercise 1. Read and translate (see the Introduction for details). A contract is a legally binding agreement between 1

A contract is a legally binding agreement between 1. оферта;

two or more competent persons to do, or not to do, a par- 2. акцепт;

ticular thing. The three basic elements to a contract are: 3. зустрічне задоволення;

an offer (1); an acceptance (2) of the offer; and sufficient 4. розумне усвідомлення;

consideration (3) to support the offer and acceptance. In 5. правоможний укладати

addition, there must be a reasonable certainty (4) as to

договір;

what the parties are to do, or not to do, when they are to 6. бути при своєму розумі;

do it, and what the consideration is. Finally, the parties 7. юридична

must be competent to contract (5), that is, they must be

of sufficient age, in reasonable possession of their wits

(6), and not under legal disability (7).

недієздатність;

пораження у правах

8. порозуміння;

Basic Requirements for a Contract. The first require- 9. вигода;

ment for a valid contract is that the parties have a meeting 10. такий, що випливає з

of the minds (8). A meeting of the minds is evidenced

by an offer, and an acceptance of the offer. The second

requirement is that the promise of each party is given in re-

turn for some benefit (9) sufficient to justify the promise.

This benefit is the consideration for the contract.

An offer can be made by words or acts. That is, it

can be made specifically (in writing or orally), or it can be

implied (10) from the conduct of the person making the

offer. An offer can be made by advertisement.

The time for accepting an offer may be expressly (11)

limited, and the offer expires (12) if not accepted within

that time. If no time limit is specified, the offer must be

accepted within a reasonable time. The offer may be re-

voked (13) or withdrawn (14) before acceptance. “An ac-

ceptance can be express or implied, written or oral. When

an offer specifies the manner in which it must be accepted,

an attempt to accept it any other way may not be enough.

In general, acceptance requires some affirmative act (15).

Under Ohio law, a person receiving unrequested mer-

chandise (16) may keep it without payment.

The person to whom an offer is directed may reject

(17) the offer. The person may also make a proposal of

her own, that is, make a counteroffer (18). A counteroffer

wipes out all previous offers

поведінки;

11. експліцитно, прямо;

12. закінчуватися;

припинятися із

закінченням терміну

13. скасований;

14. відкликаний;

15. дія (на відміну

від бездії),

стверджувальний акт;

16. незамовлені товари;

17. відхиляти;

18. контроферта.

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