Wednesday's assignment

Contracts

Task 1:

Listen to a talk and take notes of seven key points and supporting details. Compare your notes with a partner. 

Before you consider signing a contract ... Shop around, compare the sevice and the price, do some homework youself or get some reference from your family and friends

When signing a contract ...  Don't sign a contract immediatly, take as much time as you can until you feel comfortbale always make every agreement in written, read all the fine print, fill all the blanks, change the trems that you don't agree with, ask questions when you don't understand, get advice from a lawyer know how to cancel a contract

Task 2:

Listen again and answer the questions. 

1.    What can prevent you from getting the best possible service and price?

Sign with the first company immediatly without doing any homework to compare the service and price.

2.    What are the potential consequences of not performing due diligence?

You'll not get chance to negotiate the best service and price.

3.    What signals should you be wary of when a contract is involved?

Someone pushing you to sign a contract, or giving you a life time service.

4.    What can help prevent misunderstandings or fraud when you sign a contract?

Always make every agreement in written. Read all the terms and conditions.Understand all the fine print. Fill all the blanks. Change the trems that you don't agree with. Ask questions when you don't understand. Get advice from a lawyer.

5.    What is contained in “the fine print” and what are the consequences of not reading it?

Special terms and conditions. The contract cannot be broken unless both of the parties made agreement with it.

 

6.    What points does the speaker make about the language of contracts?

Using the plain language, no jargon, easy to understand.

7.    Explain the term direct agreement and give an example of a personal development service agreement. What do both of these agreements have in common?

direct agreement: door to door selling
a personal development service agreement: gym membership contract

same: 10 days cooling-off period  

8.    What are the potential consequences of cancelling a contract?

Pay the penalty or spend more money and time hiring a lawyer to the court.

9.    What will help protect you if there is a breach of contract?

Keep a contract copy in written for futrue problems.

Task 3:

Fill in the following table and add any new idioms/vocabulary that you have picked from the talk.

Key vocabulary	Meaning	Sentences
party	a person or people forming one side in an agreement or dispute	Both parties have singed the contract.
offer	one party who gives offers present or proffer (something) for (someone) to accept or reject as so desired
acceptance	the other party who accepts the offers the action of consenting to receive or undertake something offered
consideration	a form of payment is given or promised in return for the promised goods or services
terms	specific details that have been agreed upon by the parties
conditions	a requirement stated in acontract
disclaimer	a statement that denies something
cooling-off period	an interval after a sales contract is agreed upon during which the purchaser can decide to cancel without loss
regulated sectors	a non-governmental organization that regulates the activities of companies in an industry for the goverment
small claims court	the civil court that handles cases where the amount of money or the value of goods involved is $25,000 or less
estimate	an approximate calculation or judgment of the value, number, quantity, or extent of something
recourse	the legal right to demand compensation or payment
buyer’s remorse	deep regret or guilt for a wrong committed from buying something
arbitration	the use of an arbitrator to settle a dispute
retainer fee	a fee paid in advance to someone, especially an attorney, in order to secure or keep their services when required
Verbs and verb collocations
to be bound by	to compel, constrain, or unite
to be subject to	conditionally upon
to breach	to break
to sue	institute legal proceedings against (a person or institution), typically for redress
to file a complaint	make a statement that a situation is unsatisfactory or unacceptable
to resolve
to perform due	to do sth. in
diligence	hard work, be very careful in sth.
to disclose	make (secret or new information) known
information	facts
be liable for	be responsible
to reserve the right	to keep the right