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Questions and Answers
What is the primary characteristic of a unilateral contract?
What is the primary characteristic of a unilateral contract?
Who is often involved in the translation of legal contracts?
Who is often involved in the translation of legal contracts?
What is the primary reason why companies need contract translation when expanding into international markets?
What is the primary reason why companies need contract translation when expanding into international markets?
What is the consequence of translation errors in legal contracts?
What is the consequence of translation errors in legal contracts?
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What is the first step in the process of drafting/translating a contract?
What is the first step in the process of drafting/translating a contract?
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What type of contract is dependent on the occurrence, change, or termination of an event?
What type of contract is dependent on the occurrence, change, or termination of an event?
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Study Notes
Contract Definition
- A contract is an agreement between two parties that creates, changes, or ends rights and obligations.
- There are six types of contracts:
- Unilateral contract: only one party has obligations.
- Bilateral contract: each party has obligations to the other.
- Main contract: whose validity is most powerful.
- Subcontract: whose validity depends on the main contract.
- Contract for the benefit of a third party: third party receives benefits.
- Conditional contract: performance depends on the occurrence, change, or termination of an event.
Contract Translation
- Contract translation is the process of translating a legal contract into different languages for parties that speak different languages.
- Legal translators are often lawyers who are native in the target language or translators with legal knowledge.
- They receive the source document to translate, and the languages and words used in the legal contract are important for ensuring no vagueness or ambiguity in the target language.
Importance of Contract Translation
- Companies that want to expand their overseas markets or work with international partners need contract translation.
- Different legal systems in each country make translation crucial.
- Translation errors can lead to changes in the original function of the contracts and create legal problems.
- To avoid costly errors, legal translators with specialized knowledge and expertise are needed.
Process of Drafting/Translating a Contract
- The process involves six steps:
- Inquiry: an act of asking for information.
- Offers: making an offer or proposal.
- Counter-offers: making a counter-proposal.
- Acceptance: accepting the offer or proposal.
- Minutes of talk: concluding and reaching an agreement.
- Memorandum: documenting and providing evidence of the completed contract.
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Description
This quiz covers the definition of a contract, types of contracts, including unilateral, bilateral, main, subcontract, and conditional contracts.
