Unit 10路.docVIP

Unit 10 Contracts and Agreements Definition of Contract Contract is an agreement between two or more parties that is enforceable by law. A contract consists of voluntary promises to do or not to do certain things. Promises in a contract are legal obligations. Contracts include promises to deliver or pay for goods, to perform or pay for labor or services, to buy or rent land or other property, etc. In general, a contract is a legally binding and legally enforceable promise, or set of promises, between two or more competent parties. To put it in another way, a contract is a “promise or set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty.” Reinforcement：Fill in each space with one proper word. Most contracts are formed with an implicit understanding _____ neither party need perform _____ the other has completed his or her promised performance. An exception ______ this understanding occurs when a party has performed most of his or her obligation and the part not performed is relatively immaterial. The doctrine of substantial performance provides that in such a case, the _____ party must perform, although he or she may secure money damages to the extent ____ he or she was damaged ____ lack of complete performance. 参考 That/unless/to/opposite/that /by 2. Requirement for a valid contract A contract is believed to take place when an offer is made and then accepted. All contracts must be entered into both willingly and freely, and an offer generally cannot be rejected once it has been accepted. The first requirement for a valid contract is an agreement. Basically, an agreement consists of an offer and an acceptance of that offer. Second, the agreement must be supported by consideration, something bargained for and given in exchange for a promise. Third, the parties must have capacity, or the legal ability to contract. Fourth, the contract must be based on the genuine assent of each party. Fifth