Font size
WorksheetsLoyalist College - Contracts and Specifications
Total questions: 41
Worksheet time: 23mins
How are you feeling today?
Happy
Bored
Excited
Tired
In interpreting a contract, the court does NOT consider which of the following factors?
A) the ordinary meaning of the words used
B) other provisions in the contract
C) the true intention of the parties
D) the length of the contract
E) the normal terms used in that industry
Which would make a contract not legally binding?
Both parties agree to the terms/conditions
The contract is created and signed in proper form
Both parties have the mental capacity to enter into a contract
The terms/conditions agreed to break the law.
What is the primary purpose of contract management?
To ensure project deadlines are met
To manage relationships between parties
To oversee the performance and compliance of contracts
To minimize communication between parties
Which phase of contract management involves the creation of contract documents?
Contract negotiation
Contract performance monitoring
Contract drafting
Contract closure
What is a key benefit of effective contract management?
Increased litigation
Enhanced collaboration and reduced risks
Reduced transparency
Increased contract breaches
A (a) is a promise or set of promises that is legally binding, often in a document
What is the primary benefit of having clear objectives and scope in a contract?
To save on legal costs
To ensure alignment and understanding between all parties
To increase the length of the contract document
To avoid communication
Why is comprehensive documentation and record-keeping important in contract management?
To make the contract look more professional
To keep stakeholders confused
To provide a reference for resolving disputes and future contracts
To avoid creating digital copies
Which of the following is a key aspect of effective contract performance monitoring?
Ignoring KPIs and deliverables
Conducting periodic evaluations to ensure obligations are met
Letting parties handle their own performance without oversigh
Only checking performance at the end of the contract period
What is the purpose of having a well-defined change management process in contract management?
To allow changes without any formal agreement
To accommodate changes systematically and prevent disputes
To increase the complexity of the contract
To reduce the flexibility of the contract
How does effective communication benefit contract management?
By reducing the need for regular updates
By ensuring all parties are informed and aligned
By eliminating the need for a communication plan
By creating misunderstandings
Which of the following is NOT a characteristic of good contract management?
Clear roles and responsibilities
Effective dispute resolution mechanisms
Lack of communication between parties
Timely renewal and closure processes
What is the advantage of having effective dispute resolution mechanisms in a contract?
To delay the resolution of conflicts
To minimize legal risks and maintain positive relationships
To increase the likelihood of contract breaches
To encourage more disputes
Arbitration involves a neutral third party who makes a (a) decision.
What is the finality of arbitral awards?
They can be appealed
They are final and cannot be appealed
They are subject to government review
They are suggestions only
When is an arbitration agreement required for dispute settlement?
Only after a dispute arises
At any time, before or after a dispute
Only before a contract is signed
Never required
What condition must an arbitration agreement meet?
It's must be in writing
It can be oral
It should be verbal
It must be notarized
What type of disputes can arbitration cover?
Criminal cases
Personal disputes
Commercial activities
Political issues
Carla Wolfe orders some inventory from Supplex Co. Carla calculates that if Supplex is late in delivery, she will lose about $100 a day in profits. They agree to specify in the purchase order that Supplex will pay Carla $100 a day if late. What is this clause called?
A) Penalty clause
B) Liquidated damages clause
C) Pre-estimated clause
D) Guarantee clause
E) Defeasance clause
The purpose of a _ is to create obligations enforceable by law.
Contract
Tort
Partnership
Administrative Agency
After signing a contract, you discover that you were intentionally lied to and manipulated all to get you to sign that contract! Which element of a contract was not properly followed?
Consideration
Capacity
Genuine Agreement
Offer & Acceptance
Joe Kunz agrees to buy a computer from Alf Singer for $3,000, by paying six installments of $500 each. Joe gave Alf $500 as a down payment but then backs out of the deal. Alf’s loss of profit will be $1,500. Which of the following statements is TRUE?
A) Joe is entitled to get the $500 back.
B) Alf is entitled to keep the $500 and sue for the balance of the lost profit.
C) Alf is entitled to keep the $500, but cannot sue for the balance.
D) Under no circumstances can Joe ever get the down payment back.
E) Alf is entitled to keep the $500 and sue for all of his lost profit.
Which element of a contract is being described?
Blooms is a local flower shop who has just agreed to do business with Matthew's vase shop. Matthew includes in their contract that his deliveries will only be on Mondays & Thursdays every other week.
Capactiy
Consideration
Genuine Agreement
Legality
An offer is
a legally enforceable agreement between two or more people to exchange somethign of value
a specific proposal by one person to another to make a deal
the act of agreeing to an offer for a deal, making the deal binding
the violation of a law, duty, or other form of obligation
A Contract is
a legally enforceable agreement between two or more people to exchange somethign of value
a specific proposal by one person to another to make a deal
the act of agreeing to an offer for a deal, making the deal binding
the violation of a law, duty, or other form of obligation
Acceptance is
a legally enforceable agreement between two or more people to exchange somethign of value
a specific proposal by one person to another to make a deal
the act of agreeing to an offer for a deal, making the deal binding
the violation of a law, duty, or other form of obligation
In contracts competency refers to
a legally enforceable agreement between two or more people to exchange something of value
a person having the capacity and function to make legal decisions on their own behalf
when someone signs a document guarenteeing to pay off the debt or contract if an original signer defaults on their obligations
Conditions so unfair, harsh, or oppressive that they make a contract invalid
In contracts minors
generally cannot be forced to carry out promises they made in a contract
are considered to have the capacity and function to make legal decisions on their own behalf
are legally required to have an adult sign a document guarenteeing to pay off the debt/fulfill the duty if they default on their obligations
are never allowed to exchange goods or services with others due to their status as underage consumers
In Contract law, something is unconscionable
if it is legally required to be completed by both parties to the contract
when a person having the capacity and function to make legal decisions on their own behalf makes a controversial decision
when someone signs a document guarenteeing to pay off the debt or contract if an original signer defaults on their obligations
when conditions are so unfair, harsh, or oppressive that they make a contract invalid
Restitution
refers to the money a breaching party in a contract dispute must pay to make the other party as well off as if the contract had not been breached
refers to the legal responsibility to make damages from a harm such as breaching a contract less severe if possible
refers to the act of restoring something to its owner to make good for loss or damage
refers to a remedy where the breaching party must do exactly what he or she promised under the contract
Specific performance
refers to the money a breaching party in a contract dispute must pay to make the other party as well off as if the contract had not been breached
refers to the legal responsibility to make damages from a harm such as breaching a contract less severe if possible
refers to the act of restoring something to its owner to make good for loss or damage
refers to a remedy where the breaching party must do exactly what he or she promised under the contract
What is the purpose of mediation as an alternative dispute resolution method?
To decide the outcome of the case based on undisputed facts
To enforce the judgment after the trial
To resolve disputes through informal discussion without attorneys
To involve a neutral third party to hear testimony and evidence
In the arbitration process, what is arbitrator's role/function? Could be more than one possible answer.
To decide the outcome of the case based on undisputed facts.
To hear testimony and evidence under relaxed procedural rules.
To conduct negotiations between the disputing parties.
To enforce the judgment after a trial.
What is a contract?
A formal agreement between two parties
A casual conversation between two people
A legal dispute between two parties
A written letter between two friends
What is required for a contract to be enforceable?
An offer, acceptance, consideration, capacity, intent, and legally enforceable terms
A handshake and a verbal agreement
A written document and a stamp of approval
A phone call and a nod of the head
What is the term used when a party fails to fulfill their end of the bargain under a contract?
Breaching the contract
Negotiating the contract
Ignoring the contract
Accepting the contract
What are the two types of contracts mentioned in the text?
Express contract and implied contract
Written contract and verbal contract
Formal contract and unformal contract
Legal contract and illegal contract
a method of dispute resolution where a private tribunal determines the resolution of a dispute between the Parties to a contract.
(a)
The money awarded by the court from the defendant to the plaintiff for losses suffered is called
injunction
tort
damages
negligence
