Agreements That Restrain Trade Unreasonably

Agreements that unreasonably restrain trade are void. The economic system is based upon the concept of free and open competition, which benefits consumers by rewarding efficient producers. It seeks to ensure all business firms of an equal opportunity to trade. It tends to protect consumers in their search for quality goods at fair prices.

Vocabulary

legal procedures процессуальные нормы

unconscionable [Λn’kon∫nəbl] contract недобросовестная сделка, незаконная сделка

waiver отказ (от права, требования)

compounding a crime соглашение о замене судебного преследования материальным вознаграждением

restitution возврат, возмещение убытков

building contractor строитель-подрядчик

contract clause пункт договора

contract of adhesion 1) договор на основе типовых условий; 2) договор присоединения

gambling азартная игра

concession уступка

(contract, legal) rate of interest (контрактная, легальная) процентная ставка

principal основная сумма

pawnbroker ростовщик; loan shark разг. ростовщик; usury [‘ju:3υri] ростовщичество

small loan rate of interest повышенная процентная ставка на небольшие займы

overhead costs накладные расходы

to benefit помогать, приносить пользу

carrying charge сумма, которую клиент платит при покупке в кредит

wager пари, ставка

Translate into Russian:

Reviewing Important Points

1 The formation, purpose, and performance of an agreement must not be contrary to statutory or case law, contrary to public policy, or unconscionable.

2 Illegal agreements are usually void and therefore not enforceable by either party.

3 Among agreements which violate law or public policy and are therefore void and unenforceable are those which

a) obstruct legal procedures

b) injure public service

c) threaten the freedom or security of marriage

d) require committing a crime or tort

e) waive certain legal rights

f) are made without a required competency license

g) involve payment of usurious interest.

LESSON 6 TYPES OF CONTRACTS