L3M3 Contract Administration Recap Week 1

A performance measure that is important to the organisation, business unit or individual who is being measured is termed a …

• key practical indicator

• key performance indicator

• key primary indicator

• key positional indicator

A purchase is completed to meet immediate requirements, rather than for stock or to

meet future demand is a….

• spot

• quick

• one off

• call off

To ensure that the organisation receives value for money it will use which form of pricing

mechanism?

• Optimal

• Agreement

• Commercial

• Competitive

What is the name for a contract that runs for an agreed period of time and allows the buyer to request delivery of products throughout its duration at a set price.

• Spot Purchase

• Framework Agreement

• Call Off Order

• Blanket Order

The expression ‘consideration’ means:

• Some form of valuable exchange

• Being over 18 and being of sound mind

• Taking time to think abut the gravity of the contract you may be entering into

• Being nice to people with the expectation they will be nice.

How many requirements are there for a Contract to exist

• 4

• 5

• 6

• 7

An Express Term is a term that is actually written in the Contract...True or False

• True

• False

An Implied Term is not written in the contract...True or False

• True

• False

Which Pricing mechanism is being described...my price stays fixed regardless of the volume ordered

• Linear

• Non Linear

• Fixed Pricing Arrangement

• Framework Arrangement

Which rate is more competitive...

• Hourly

• Day