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Frequently Asked Questions
Question # 1
Kranky Kat Ltd has just been through an adjudication process with a supplier it worked withwho committed a breach in the contract. Kranky Kat is not happy with the outcome of theadjudication, what can Kranky Kat do?
A. move on to litigation
B. appeal the decision
C. nothing - the decision made by the adjudicator is binding
D. nothing - the decision made by the adjudicator is legally enforceable
Question # 2
A contract term which is difficult to classify at the time of drafting a contract is known as?
A. condition
B. warranty
C. consideration
D. innominate
Question # 3
Which of these is NOT a stage in negotiation?
A. proposal
B. agreement
C. bargaining
D. adjourning
Question # 4
What is the first stage in conflict resolution?
A. assess the impact of the breach
B. look at remedies available
C. identify the nature and source of the conflict
D. decide on the type of conflict resolution approach
Question # 5
David is selling his house and Barbera would like to buy it. David is expecting to get£100,000 for his house. Barbera offers £80,000 and David asks Barbera if she'll pay£90,000 instead. Barbera says no. After a week David hasn't had any other offers so wouldlike to accept Bar-bera's offer. Can he do this?
A. yes- Barbera's offer is still valid as it didn't come with a time clause attached
B. yes- Barbera's offer is the best he will receive
C. no - David's counter offer rescinded Barbera's offer
D. no- he waited too long and Barbera's offer has expired
Question # 6
Which of the following will you put into box 8?
A. adjudication
B. arbitration
C. mediation
D. litigation
Question # 7
Which of the following will you put into box 5?
A. Mediation
B. Arbitration
C. Litigation
D. Negotiation
Question # 8
Which of the following situations would be considered a minor breach of a contract? SelectTWO:
A. a painter is contracted to paint a room white but paints it magnolia as there was no whitepaint available
B. a consultant has given bad advice
C. a zoo orders three baby lions and is given three baby tigers
D. a supplier has breached a non-disclosure agreement
E. A supplier delivers a lorry-load of produce six hours late due to a burst tyre.
Question # 9
Perry is seeking a resolution to a conflict he has with his supplier. He wants a third party tomake a binding and legally enforceable decision and wants the issue to remainconfidential. He is considering litigation. Is this the best solution for Perry?
A. yes- litigation is the most appropriate for his requirements
B. no- Perry should try mediation
C. no- Perry should try Adjudication
D. no - Perry should try Conciliation
Question # 10
Which of the following would not be considered a contract? Select TWO
A. A written agreement between two robbers to rob a bank which states that the moneygained would be split evenly between the two.
B. a domestic agreement between two parents about who will pick the kids up from school
C. a phone call between a supplier and buyer in which the buyer agrees to purchase 100teddy bears from the supplier for £100.
D. a written document in which Paul agrees to clean Freda's house for £10
E. an email chain between a buyer and supplier which includes a PO and Invoice
Question # 11
Service Credits are a form of what?
A. liquidated damages
B. indemnity
C. KPI
D. Consideration
Question # 12
GoGo Ltd has contracted Reny Manufacturing to produce a bespoke piece of equipmentfor them. It is an asset and costs a significant amount of money. A contract is drawn upwhich states that GoGo Ltd has the right to terminate the contract at any time for anyreason. Halfway through production of the asset, GoGo Ltd calls Reny Manufacturing tocancel the order. Reny Manufacturing has incurred many costs already. Can GoGo Ltdcancel the order?
A. yes- the order has not yet been delivered meaning that GoGo Ltd can cancel- there hasbeen no transfer of ownership
B. no- Reny Manufacturing will sue for damages
C. yes- there is a termination clause in the contract
D. no- the termination clause is unfair
Question # 13
Which of the following will you put into box 1?
A. subcontracting
B. reputational damage
C. penalty clause
D. consequential loss
Question # 14
Harry is negotiating a contract for a new IT system for his business. He is investing heavilyin the system and wants the system to be able to provide the services he requires for thenext 10 years. However he is aware that technology is changing quickly and would like toinclude a clause in the contract to ensure that the system he is purchasing is useable forthe next 10 years. What should Harry include in the contract?
A. limitation of liability
B. service credits
C. benchmarking
D. change control
Question # 15
Fruity McFruitFace is an exporter of fruit. Which of the following payment terms would bemost advantageous for it?
A. open account
B. documentary collection
C. documentary credits
D. advance payment
Question # 16
Which of the following will you put into box 6?
A. adjudication
B. arbitration
C. mediation
D. litigation
Question # 17
Which of the following statements about penalty clauses is not true?
A. they are used to deter the parties from breaching the contract
B. they are illegal
C. they provide damages in excess of the true cost of a breach
D. they can harm the working relationship
Question # 18
Which of the following will you put into box 1?
A. anticipatory breach
B. fundamental breach
C. payment terms
D. specification
Question # 19
Which of the following will you put into box 8?
A. Mediation
B. Arbitration
C. Litigation
D. Negotiation
Question # 20
When there has been a major breach in a contract, the contract will be terminated. Is thisstatement true?
A. yes- the contract will be terminated and damages sought
B. yes- the contract must be terminated as there is no means by which the contract couldcontinue after a major breach
C. no- the contract can be affirmed by the injured party
D. no- the contract can continue if the offending party proves that further breaches won't occur
Question # 21
Which of the following are advantages to seeking a solution to conflict via litigation?
A. the process provides certainty that an outcome will be reached
B. There is no confidentiality
C. The decision can be made by someone who isn't an expert in their field.
D. The process is quick and cost-effective
Question # 22
Which of the following will you put into box 1?
A. subcontracting
B. reputational damage
C. penalty clause
D. consequential loss
Question # 23
What is the name given to a term in a contract where one party promises to compensatethe other party for a trigger event?
A. liability
B. warranty
C. damages
D. indemnity
Question # 24
Parky Parks Ltd has a contract with Slides R Us for the provision of children's playgroundequipment. The contract contains a clause for liquidated damages and puts the figure at£500k. Which of the following statements is correct? Select TWO
A. Liquidated damages needs to be a 100% accurate figure
B. If damages exceed £500k Parky Parks can apply to the courts to get Slides R Us to pay above this amount
C. Damages under the amount of £500k are not required to be paid to Parky Parks
D. liquidated damages is a genuine estimate of loss
E. costs incurred above £500k will be covered by Parky Parks Ltd
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