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When Aaron sells a car to Danielle, Brian expresses interest in purchasing it from her, despite having financial constraints. To accommodate Brian's budget, Danielle and Brian agree to a contract where Brian will pay her in installments over a period of four years, with ownership of the car transferring to him upon completion of payments. Brian then engages Charlie to transport the car to his location, but unfortunately, Charlie crashes the vehicle, resulting in its destruction. In this scenario, ownership of the car still belongs to Danielle at the time of the accident, as Brian has not yet completed the installment payments outlined in their contract. Therefore, Who retains ownership of the car even after it is wrecked.
Identify the TWO reasons why a purchaser seeks to incorporate a subcontracting clause into the primary contract:
Which of the following elements are probable in an outcome-based specification?
1. Dimension
What components are likely to be encompassed within a conformance specification?
1. Brand names
What pricing method involves adding a markup to the cost base to establish the final price?
Under common law, which of the following instruments holds legal validity without requiring consideration?
What is the title of the standard construction contract endorsed by the World Bank?
Which of the following promotes public sector contracting with social and environmental goals in mind in the UK?
If a service level agreement is integrated as a component within a contract, it is primarily associated with...?
A company contemplates venturing into a fresh market. Which of the following external factors impact the discrepancy between the company's cost and price? Select THREE that are relevant.
What tool do you employ to clarify complex details that could be verbose in the primary document?
How can you preempt conflicts between verbally agreed-upon terms and the written contract before finalizing it?
What should the purchaser possess in order to verify if the supplier genuinely adheres to the labor standards stipulated in the contract?
In the contract between the buyer and the supplier, a lead time of 3 days is explicitly outlined, and any modifications necessitate written consent. Despite the buyer's request for next-day delivery via phone, the supplier delivers on the third day following the order. Can the buyer withhold payment because the supplier failed to meet the delivery deadline?
Cleveland Insurance (Cleveland) offers various insurance services and heavily relies on a customer relationship management (CRM) system as its primary software in the call center operations. Due to the escalating number of customers and services, Cleveland recognized the urgent need to upgrade its existing CRM system. Urgent Digital Ltd (Digital) was one of the contenders for Cleveland’s Invitation to Tender (ITT) to design, build, and manage the new CRM system. The bid team at Digital, led by Hank Irvine, its technical director, saw securing the Cleveland contract (valued at approximately £50 million) as a significant career opportunity for Hank. During discussions with Cleveland, Hank made assurances regarding project deadlines without conducting thorough research on their feasibility, lacking sufficient knowledge about meeting these deadlines. Cleveland selected Digital's bid as it aligned with its requirements, particularly with the promises made by Hank regarding project deadlines. Subsequently, Cleveland agreed to proceed with Digital's proposal, subject to the execution of a formal contract. However, the initial assurances made by Hank regarding project timing were found to be unrealistic and greatly exaggerated. Cleveland brought the matter to court, seeking rescission of the contract with Digital. Is Cleveland's request appropriate in this scenario?
What are some examples of rewards that can be given in contract terms to encourage better performance? Select THREE that apply.
What term describes the principles that aid courts in comprehending and upholding a written contract according to its precise language and significance?
What is the definition of quantum meruit?
Does the government serve as the exclusive provider of industrial standards within a nation?
What distinguishable attributes characterize performance specifications?
1. Method of achieving the buyer's desired result
In the context of a housing development project undertaken by a construction firm, where space constraints hinder on-site storage of building materials like bricks, the company opts to contract with its suppliers for scheduled deliveries of predetermined quantities at fixed intervals. What type of contractual agreement do they employ with their suppliers?
Which of the following denotes the proportion between profit and costs?
Which aspect among these is governed by the ISO 14001 standard?
Southwark intends to engage Orchard for software and IT services. Orchard will deploy the products supplied by IBM as per the contract terms. The procurement manager at Southwark is concerned about potential complications and the inability to seek compensation from Orchard. To mitigate this risk, they should incorporate clauses into the primary contract that enable them to pursue legal action against IBM if circumstances require.
How would you label an item acquired just once, without recurrence, for a particular use or objective?
According to the fundamental legal tenets governing contract formation, which of the subsequent actions will consistently lead to the automatic termination of an offer?
1. Negotiation
Which of the following documents are likely to be legally binding? Choose TWO options:
XYZ Ltd aims to establish a long-term contract with a supplier for crucial parts. Collaborating, Dave, the procurement manager, and Alla, the legal manager, draft a service level agreement (SLA). Dave expresses concern about potential underperformance from the supplier, potentially impacting organizational operations. In conjunction with the SLA, they could incorporate mechanisms such as penalty clauses or service credits to secure compensation in the event of substandard performance from the supplier.
1. Warranties
Identify the likely benefits of utilizing tender processes: Select TWO options that are applicable:
In a sales contract, a stipulation mandates that the seller must "protect, reimburse, and absolve" the buyer and its personnel from all damages related to specific circumstances. This provision serves as an illustration of...?
What do you call it when a third party’s claim makes one party pay the other party for damages?
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