II. COMPREHENSION. A. Give the definitions for the following terms and expressions or explain in other words

A. Give the definitions for the following terms and expressions or explain in other words.

1. valid contract

2. party (of a contract)

3. legal

4. obligation

5. terms

B. Answer the following questions using the information from the text:

1. What is the definition of a contract?

2. What basic types of contracts can you point out?

3. What is a contract of record?

4. What is a covenant?

5. What are the requirements for a valid contract?

6. What is an express contract?

2. Complete the following sentences according to the information from the text:

1. According to US law, a contract is …

2. The four basic features of a contract are …

3. A subject matter of a contract must not be…

4. Contracts may be either…

5. … must be written and signed.

6. Contracts of record, are …

7. Courts of equity will not enforce… from the acts or conduct of the parties.

3. Complete the consonants and match the following legal terms with their definitions:

1. a..ee.e..	a) the state or quality of being legal or lawful
2..a.i.i.y	b) a person, especially one who participates in some activity such as entering into a contract
3..e…	c) the act of agreeing
4..a..y	d) a legally enforceable agreement to perform some act, especially to pay money, for the benefit of another party
5..o.e.a.	e) any claim, title, etc., that is morally just or legally granted as allowable or due to a person
6. o..i.a.io.	f) conditions of an agreement
7..i…	g) a binding agreement; contract