A prenup: the (legal) language of love

FOR COUPLES ABOUT TO MARRY

Before you listen to the following broadcast match the key words and expressions in the left column with their translation in the right one.

 

1. “prenup” (prenuptial agreement) 2. president-elect 3. matrimonial law 4. valid contract 5. assets 6. duress and undue influence 7. to walk down the isle 9. child support 10. to be on public welfare or assistance 11. to scrutinize 12. to leave somebody out penniless and a public charge

a) оставить кого-либо без средств к существованию (без гроша в кармане) и государственного содержания b) добрачное соглашение, добрачный контракт (об имущественных отношениях будущих супругов) c) избранный, но еще не вступивший в должность президент d)) тщательно рассматривать (исследовать, изучать, проверять) e) брачно-семейное право f) активы; имущество g) договорное право h) законный контракт (соглашение, договор) i) злоупотребление влиянием; (принудительное и неподобающее влияние) j) быть на содержании у государства k) «идти под венец»; идти к алтарю (aisle - проход между рядами в церкви) l) пособие на ребенка

 

Listen to the text; answer the questions below using the abovementioned key words.

1. What does “prenup” (prenuptial agreement) mean? What are its major objects?

2. What do you know about matrimonial law? Is it of great popular in our country?

3. What do you know about contract law? Define the term “contract? What are the main requirements of a valid (legal or enforceable) contract?

4. Why should you scrutinize your prenup before its conclusion?

5. Imagine you are going to enter into your marriage. Will you conclude the prenup with your future spouse? What main provisions will you include in it?

6. What other types of contracts do you know? Describe them briefly.

Listen to the text again; check your answers; name the main idea and retell the story.

II. Read and translate the following texts and be ready for their discussion on the basis of active vocabulary, key terms quiz, review and discussion questions.

THE ROLE OF LAW IN CONTRACT

“A lawyer without history or literature is a mechanic, a mere working mason; if he possesses some knowledge of these, he may venture to call himself an architect” Sir Walter Scot

 

Every society makes and enforces laws Businesses are the subject to the laws of the countries in which they operate. Businesspeople owe a duty to act ethically in the conduct of their affairs, and businesses owe a responsibility not to harm a society.

What is the Contract Law?

The law is a body of rules and action or conduct prescribed in controlling authority, and having binding legal force. The law must be obeyed and followed by citizens to sanctions or legal consequences. Contract law is important because it affects most aspects of a business operation. It is the legal foundation on which dealings are conducted.

The use of the contracts was originally developed in ancient times. The common law of contracts was developed in England around the fifteenth century. American contract law was involved from the English common law. At first the central theme of the approach to the law of contracts was freedom of contract. The parties (such as consumers, farmers, and traders) generally dealt with one another face-to-face, had equal knowledge and bargaining power, and had an opportunity to inspect the goods prior to sale. Contract terms were openly negotiated. There was a little, if any, government regulation of the right to contract. This “pure” of classical law of contracts produced objectives rules, which in turn produced certainty and predictability in the enforcement of contracts. The Industrial revolution changed many of the underlying assumptions of pure contract law. The chain of distribution for goods changed greatly since (1) buyers did not have to deal face-to-face with sellers, and (2) there was not always an opportunity to inspect goods prior to sale. Eventually, sellers began to use formal contracts that offered their goods to buyers on take-it-or-leave-it basis. Both federal and state governments enacted laws intended to protect consumers, creditors, and others from unfair contracts. In addition the courts began to certain common law legal theories that allowed some oppressive or otherwise unjust contracts to be avoided. Today under this modern law of contracts, there is substantial government regulation of the right to contract. Contracts are the basis of our daily activities. A contract is a legally enforceable agreement between two or more parties regarding a specific act of thing.

Contract Requirements

The four major elements of enforceable contract are agreement, consideration, legal and serious purpose, and capacity.

1. Agreement. To have an enforceable contract, there must be an agreement between the parties as to the act or thing specified. There must be mutual assent by the parties.

2. Consideration. In order for such an agreement, or contract, to be valid and legally enforceable, consideration – the value or benefit that a party provides to the others with whom the contract is made – must be furnished by each party to the contract. Legal consideration for a contract exists when, for example A agrees to work for B, and B agrees to pay A stated salary.The contract is justas valid if B actually pays A at the time A agrees to work. Similarly, valid consideration exists even if no promises are exchanged but A works for B, and B pays A for the work.

3. Lawful object. The object of the contract must be lawful. It means that an enforceable contract must involve a legal and serious purpose. Agreements made in a joking manner, related to purely social matters, or involving the commission of a crime are not enforceable as legal contracts. An Agreement between two competitors to fix the prices for their products is not enforceable as a contract because the subject matter is illegal and carrying out the agreement would violate the law.

4. Contract capacity. The last element of a legally enforceable contract is capacity, the legal ability of a party to enter into agreements. The law does not permit certain persons, such as those judged to be insane, to enter into legally enforceable contracts.

Contracts are used in almost all types of business activities. Generally they are created and executed by firms with minimal concern on the part of the contracting parties. Examples of valid contracts are purchase agreements with suppliers, labor contracts, group insurance policies for employees, franchise agreements, and sales contracts.

(Based on: Cheeseman H. Business Law)

III. Read and translate these contract abstracts from English into Russian and be ready for its discussion on the basis of active vocabulary, key terms quiz, review and discussion questions.