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The changes to the contract are known as...?
XYZ Ltd and Engineer Corp signed a long-term supply contract in which both parties had agreed on performance targets. Recently, due to increased customer demands, XYZ Ltd realises that they should make changes to the contract with Engineer Corp with regards to performance management. These changes are approved and signed...
Non-disclosure
Non-disclosureA . 3 and 4 only B. 1 and 4 only C. 1 and 2 only D. 2 and 3 onlyView AnswerAnswer: D Explanation: There are a number of ways for an offer to be terminated. They are events that may occur after an offer has been made which bring...
Which of the following will be always automatically deemed as a consideration?
Which of the following will be always automatically deemed as a consideration?A . Promise to perform over and above an existing obligation B. Promise given to a third party C. Implied consideration D. Past considerationView AnswerAnswer: A Explanation: Consideration only appears in common law countries. Below are some examples of...
According to rule of contract formation, which of the following is a valid acceptance?
According to rule of contract formation, which of the following is a valid acceptance?A . The person orally agrees to pay the offered price B. The person states that she is able to pay the offered price C. The person asks for a lower price D. The person says that...
Return orders in an hour Is that a good thing or not?
Return orders in an hour Is that a good thing or not?A . Yes, because these targets will propel the suppliers to continuous improvement B. No, the local suppliers are always the best choice C. No, because the KPIs are not a realistic and justified D. Yes, the higher the...
When a contract has been agreed on the basis of a fraudulent misrepresentation, which of the following remedies are available?
When a contract has been agreed on the basis of a fraudulent misrepresentation, which of the following remedies are available?A . Damages only B. Rescission only C. An injunction only D. Both damages and rescissionView AnswerAnswer: C Explanation: An untrue statement of fact or law made by Party A (or...
Which of the following contracts would be best suited to a ‘variable pricing’ arrangement?
Which of the following contracts would be best suited to a ‘variable pricing’ arrangement?A . A contract for window cleaning during the next three months B. A contract for road building estimated to take five years to complete C. A contract for the supply of 100 printing machines to be...
Which of the following is the best definition of consideration in contract law?
Which of the following is the best definition of consideration in contract law?A . Full statement about something to provide B. The act of thinking carefully about one thing C. One thing given in exchange D. Formal discussion between people who are trying to reach an agreementView AnswerAnswer: C Explanation:...
Which of the following is a key feature of liquidated damage clauses?
Which of the following is a key feature of liquidated damage clauses?A . The amount of damage is predetermined B. Liquidated damage is a penalty C. The amount of liquidated damages must be exceptionally larger than the actual damages incurred D. The liquidated damages are non-negotiableView AnswerAnswer: A Explanation: Liquidated...
Which of the following should be taken to avoid the conflicts between orally negotiated terms before the conclusion of contract and the final written contract?
Which of the following should be taken to avoid the conflicts between orally negotiated terms before the conclusion of contract and the final written contract?A . Finding signs of misrepresentation of the other contracting party B. Prevailing orally negotiated terms over the final written contract C. Embedding a term excluding...
