L4M3 Commercial Contracting Recap Week 4

Which of the following should be applied when tracking how often deliveries are on time during the contract?

• Binary measure

• Numerical measure

• Subjective measure

• Qualitative assessment

What is the name of the clause that frees the parties from their contractual duties when unexpected events like natural disasters or terrorist attacks happen?

• Indemnity clause

• Liquidated damage clause

• Exclusion clause

• Insurance clause

Which of the following shall help the purchaser control the selection of tier 2 suppliers?

• Insurance clause

• Guarantee clause

• Warranty clause

• Subcontracting clause

Which of the following are likely to be express terms in a contract?...Choose TWO that apply

• Legislation

• Custom and Practice

• Contract particulars

• Terms and conditions

What methods do buyers use to pick suppliers from a framework agreement? Select TWO that apply:

 

• Call off contract

• Mini competition

• Contract for lease

• Rescission of contract

• Direct call-off

Which of the following would be useful tools to encourage the supplier to innovate throughout the contract?

• Gainshare arrangement

• Liquidated Damages

• Service Credits

• Fixed Bonus Payments

Which of the following are reasons why a purchaser wants to embed a subcontracting clause into the main contract? Select TWO that apply:

• To reduce the main contract complexity

• To improve supply chain transparency

• To induce the conflicts between the main contractor and subcontractors

• To keep main contractor liable

• To condemn whole liabilities to subcontractors

In a sale contract, a clause requires the seller to "defend, reimburse, and hold harmless" the buyer and its personnel from and against any and all damages arising in connection with some specific circumstances. This clause is an example of...?

• Indemnity

• Liquidated damages

• Force Majeure

• Insurance

Under general legal principles of contract formation, which of the following will always automatically result in the termination of an offer?

• Negotiation

• Rejection

• Failure conditionality

• Non-disclosure

What is the name of the principles that help courts to understand and enforce a written contract based on its exact words and meaning?

• Order of precedence

• Rules of interpretation

• Rules of contract formation

• Unfair Contract Act 1977