Paralegal Training (Quiz) by Prof. Carmine Eliza T. Serrano

Paralegals are responsible for tracking contract deadlines, including renewal dates and termination notice periods.

• True

• False

During contract negotiations, paralegals take the lead in drafting and finalizing the legal terms of the contract.

• True

• False

Redlining refers to the process of marking up a contract to show proposed changes and comments.

• True

• False

Paralegals play no role in the execution of contracts since only lawyers and business executives are involved at that stage.

• True

• False

After a contract is executed, paralegals are responsible for storing it in a well-organized repository and ensuring it is easily accessible for future reference.

• True

• False

6. Which of the following tasks is NOT typically part of a paralegal’s responsibilities in contract management?

• Drafting amendments and extensions

• Negotiating the final contract terms with external parties

• Tracking important contract deadlines

• Updating internal systems with contract details

6. What is the primary role of paralegals in contract renewals?

• Leading negotiations on pricing and new terms

• Ensuring contracts are renewed on time and coordinating amendments

• Approving the renewed contracts

• Setting the legal strategy for renegotiation

6. How do paralegals ensure compliance with a contract’s terms during its performance?

• By monitoring deliverables, payments, and deadlines

• By drafting new clauses to reflect business needs

• By negotiating with external parties on disputes

• By providing legal advice on the interpretation of contract terms
  
  

6. In the contract management process, paralegals are expected to:

• 6.  

  Approve the contract’s financial terms

• Handle the final approval and signature process

• Coordinate the review, tracking, and execution processes

• Perform litigation in case of contract disputes

6. Which of the following best describes the importance of contract storage and organization?

• 6. Ensuring contracts are readily accessible for audits, disputes, or performance   checks

• Limiting access to contracts for security reasons

• Automatically renewing contracts based on predetermined schedules
  
  

• Outsourcing storage to external consultants to minimize risk