Lesson 4 business law

Text 1 Business Law and a Contract

Business law (also known as Commercial law) covers rules that apply to business situations and transactions. Business law is largely concerned with civil law, especially with contracts. Some business law applies to torts (private wrongs against individuals, distinct from breaches of contract). For example, a tort may occur when a manufacturer makes a defective product that injures a user. Criminal law sometimes governs business-related activities, too. For example, criminal law would punish a firm that conspires with competitors to fix prices or an employee who steals company tools.

A contract is an agreement, which is enforced by law. This agreement normally results from an exchange of promises. For a contract to arise, the offerer (one who makes the offer) must make a definite offer, and the offeree (one to whom the offer is made) must accept the offer exactly as presented. Of course, the parties may negotiate additional details or the offeree may even reject the offer by demanding, for example, a lower price or earlier completion. In this case a counteroffer arises. Without both an offer and acceptance, there is no agreement. No particular language need be used. The intent of the parties is the important thing.

Vocabulary

transaction [trænz’æk∫ən] сделка, операция

tort деликт, гражданское правонарушение

to enforce обеспечивать соблюдение/ исполнение; обеспечивать санкцией; принудительно осуществлять/ взыскивать в судебном порядке

private wrongs частные правонарушения

to negotiate договариваться (в кем-л. — with); обсуждать условия

offer оферта (предложение одного лица другому, сообщающее о желании заключить с ним договор)

offerer оферент (лицо, делающее предложение заключить с ним договор)

offeree адресат оферты (лицо, которому делают предложение заключить с ним договор)

counteroffer контрпредложение (ответ на предложение. содержащий новые условия и прекращающий первоначальное предложение)

acceptance акцепт, акцептирование (согласие, принятие)

Text 2 The Requirements of an Offer

An offer is a proposal by an offerer to do or not to do some specified thing in the future, provided the offeree agrees with stated terms (conditions). If the offeree accepts the proposal, a contract arises. Generally, to be an offer, a proposal must be:

1 intended to create a legal obligation

2 definite

3 communicated to the offeree.