商务英语 Level 5 Unit 2 Part 4 Voca

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

1. What will both parties do before formally implementing a contract?
   > they will ratify the agreement
2. When a company rents office space,
   > it is leasing it
3. The signature of each party is required to ratify the agreement.
4. They haven't ratified the agreement, so the contract isn't valid.
5. Now that the company is expanding, it has leased fifty new trucks.
6. A business will sign a commercial lease when it decides to rent office space.
7. Before a contract comes into effect, it must be first ratified.
8. In order to implement a contract, both parties must ratify the agreement by signing the contract.
9. When would a contract be terminated?
   > when it has been breached
10. The contract was legally terminated before it took effect.
11. If a contract has been terminated because one party did not uphold its terms, the other party may receive compensation for their losses.
12. The termination was due to a breach in contract, so one party was eligible for compensation for their losses.
13. Failure to comply with a contract may result in legal action.
14. He sought compensation over their failure to comply wit the agreement.