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L5M3 Managing Contractual Risk Paper *8.
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1.
A breach of representation by Party A in a contract would allow Party B to do what?
2.
What is a Prime Contract?
3.
Mark is a consultant who works with building managers and advises them on how to make their buildings safer. What type of insurance should Mark have?
4.
Which of the following will you put into box 17?
5.
Jenny has received a written offer from a supplier. She emails them to clarify if they can do next-day delivery. The supplier does not reply. The next day, Jenny makes the payment. Has a contract been formed?
6.
A contract term that is difficult to classify at the time of drafting a contract is known as?
7.
Service Credits are a form of what?
8.
Restitution Measures are an award that seeks to return the value of a benefit that has been seen to be unfairly received. Which of the following statements about Restitution Measures is TRUE? (Select TWO)
9.
A warranty is a minor term of a contract. Is this TRUE?
10.
Parky Parks Ltd has a contract with Slides R Us for the provision of children’s playground equipment. The contract contains a clause for liquidated damages and puts the figure at £500k. Which of the following statements is correct? (Select TWO)
11.
Sarah is a baker and orders free-range eggs from a local supplier, which she uses to make cakes. There is a contract in place that includes a specification stating that the eggs must be free-range. One day, the supplier delivers eggs that Sarah uses in her cakes. Later, she discovers that these eggs were not free-range. Sarah believes that the supplier has broken the contract.Is this true
12.
R3D3 is a computer manufacturer who has had an issue with their supplier. They are seeking a conflict resolution approach which is flexible but will provide a binding and enforceable outcome. They would like the resolution to be confidential and directed by an independent third party that is appointed for them. Which of the following would be the best conflict resolution for them to select?
13.
Which of the following will you put into box 3?
14.
Which of the following conflict resolution styles may involve a private caucus and a joint session?
15.
An exchange of written documents between a buyer and supplier, each detailing their own Terms and Conditions, is known as the Battle of the Forms.Who generally wins the Battle?
16.
A failure to perform a provision of a contract which does not affect the end performance of the contract is known as what?
17.
Logan Gin Distillery is creating a contract for one of its new suppliers. It is a complicated item that they are ordering, and if things go wrong, it would have an extremely negative impact on production, and therefore on revenue. However, it is impossible to say what the cost of this would be if things were to go wrong. What type of clause should be included in the contract?
18.
Derrek owns a factory and employs a Facilities Management Company called Balls FM to look after certain aspects of the factory, including cleaning and testing the machinery to ensure they are in good working condition. One day, he realizes that one of the cleaners doesn't work for Balls FM but works for another company called Bells FM. Which of the following statements regarding subcontracting is true?
19.
A breach which is so severe that it goes to the root of the contract is known as what?
20.
Dianne has a loan agreement which contains a clause for default. What does a clause for default imply?
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