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

As found on Youtube

$100 EXPLOSION! ** New ** No Hype – No Lies Proven System To Success. Finally, A True, Real Program For The People! This system just works! …