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L5M3 Managing Contractual Risk Paper *5.
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1.
When is revocation of an offer effective?
2.
In which of the following circumstances is an offer open for acceptance?
1 Request for clarification of terms
2 Sign saying ‘Subject to contract’
3 Clause saying valid for 30 days
4 Counter offer
3.
Who manages the incoterms?
4.
An _____________ clause is a contractual risk between two contractual parties generally to prevent loss or compensate for a loss which may occur as a result of a specified event.
5.
A large manufacturing company has begun to increase the size of its premises. The procurement team has estimated that if the main supplier fails to complete the project on schedule it will incur costs and losses of $20,000 per day for every day there is a delay. It should use which of the following clause in the contract with the supplier?
6.
Which of the following describes a condition?
7.
Incoterms 2010 is the latest version
8.
Is a framework agreement a legally binding contract
9.
Which of the following is a provision in a contract under which one party commits to compensate the other for any harm or loss arising out of the contract?
10.
What does the postal rule state?
11.
Which of the following statements is correct, in relation to the withdrawal of an offer?
12.
What is the principal effect of a counter-offer?
13.
A large manufacturing group is going through a period of investment under which a number of facilities will close on a short term basis for re-fit and upgrade works to be undertaken. The CPO is concerned about the impact on the organizations ability to meet customer orders should any of the work carried out by suppliers overrun. In respect of this particular concern, the CPO should consider using which of the following contractual terms with these suppliers?
14.
‘’Acceptance’’ of an offer occurs when there is an ________________ acceptance of all the offered agreed terms
15.
Ace Group is seeking to encourage one of its key suppliers to improve its contract delivery performance. Ace Group wants the supplier to identify cost savings and ways to enhance quality. Which of the following would help?
16.
In January, A contracts with B for the supply of lighting for his University ball in July. In March, B tells A that he no longer wishes to supply the lighting as a more lucrative contract has come up. A decides not to accept the breach and keeps the contract alive. A month later, A fails to provide B with an update on the planning of the ball, in breach of a term of the contract. Can B sue A for breach of contract?
17.
Which of these factors might be considered when deciding if a breach is major or minor? (Choose all that apply)
18.
How does anticipatory breach differ from an ordinary breach of condition or fundamental breach of an innominate term?
19.
Which of the following is the best explanation of a fundamental breach of a contract?
20.
In assessing damages, at which point should the foresee ability of loss be assessed?
21.
What is the aim of an award of damages for breach of contract?
22.
Which of the following is not a type of alternative dispute resolution?
23.
If the required delivery time is given a contract, is it a condition or a warranty? (Select all that apply)
24.
Whats an arbitrators role?
25.
Which of the following does the ‘expectation interest’ hope to compensate?
26.
Which of the following statements is incorrect?
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