Vocabulary【Contract Types】
to ratify
To ratify something means to officially agree to it.
Once both parties accept the terms of a contract, they need to ratify it.
By signing a contract, they are ratifying the agreement.
ratify: 正式批准
to lease
To lease means to allow someone to use something in exchange for money for a period of time.
When a lease is up, both parties will decide to renew it or let it expire.
up: adj 完了
to terminate
To terminate means to end or stop something.
If one party fails to perform their duties in a contract, the contract may be terminated.
When a contract is terminated, both parties will no longer need to fulfill the terms of the contract.
to comply
To comply means to follow a rule or order.
Both parties must comply with a contract after they have signed it.
Breach of contract occurs when either party does not comply with a contract.
comply: 服从
breach: 违反
Question
- What will both parties do before formally implementing a contract?
> they will ratify the agreement - When a company rents office space,
> it is leasing it - The signature of each party is required to ratify the agreement.
- They haven't ratified the agreement, so the contract isn't valid.
- Now that the company is expanding, it has leased fifty new trucks.
- A business will sign a commercial lease when it decides to rent office space.
- Before a contract comes into effect, it must be first ratified.
- In order to implement a contract, both parties must ratify the agreement by signing the contract.
- When would a contract be terminated?
> when it has been breached - The contract was legally terminated before it took effect.
- If a contract has been terminated because one party did not uphold its terms, the other party may receive compensation for their losses.
- The termination was due to a breach in contract, so one party was eligible for compensation for their losses.
- Failure to comply with a contract may result in legal action.
- He sought compensation over their failure to comply wit the agreement.
