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  • Exam Name: Managing Contractual Risk
  • Last Update: Mar 27, 2024
  • Questions and Answers: 120
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L5M3 Managing Contractual Risk Questions and Answers

Question # 6

Which of the following must a legally binding contract contain? Select THREE

A.

Intention

B.

Indemnity

C.

Consideration

D.

Liability

E.

Capacity

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Question # 7

Tyrone Enterprises has just come out of a meeting with one of its suppliers Bob. The meeting has not gone well and the contract has become frustrated. What does this mean?

A.

Negotiations between the buyer and supplier have failed and dispute resolution will need to take place

B.

the supplier has committed a major breach and is unable to fulfil the contract

C.

a situation has occurred which means that the contract can no longer be performed

D.

The buyer no longer requires the supplier but is tied into the contract

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Question # 8

Dianne has a loan agreement which contains a clause for default. What does a clause for default imply?

A.

this allows the lender to demand overdue payments are made straight away

B.

this allows a lender to demand payment from a guarantor if the borrower is unable to pay

C.

this allows the lender to declare insolvency

D.

this allows the lender to demand full payment of the outstanding balance

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Question # 9

Tutu Incorporated has a contract with a software company to provide their IT software. They want to ensure that the supplier pays compensation if there are any issues with service (e.g. the software doesn't work for a day). Which two items would Tutu Incorporated need to include in the contract?

A.

unliquidated damages

B.

letter of credit

C.

service level agreement

D.

service credit

E.

insurance

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Question # 10

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?

A.

Public Liability

B.

Product Liability

C.

Professional Indemnity

D.

Property Insurance

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Question # 11

Which of the following will you put into box 1?

A.

subcontracting

B.

reputational damage

C.

penalty clause

D.

consequential loss

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Question # 12

Which of the following will you put into box 8?

A.

Mediation

B.

Arbitration

C.

Litigation

D.

Negotiation

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Question # 13

Which of the following situations would be considered a minor breach of a contract? Select TWO:

A.

a painter is contracted to paint a room white but paints it magnolia as there was no white paint available

B.

a consultant has given bad advice

C.

a zoo orders three baby lions and is given three baby tigers

D.

a supplier has breached a non-disclosure agreement

E.

A supplier delivers a lorry-load of produce six hours late due to a burst tyre.

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Question # 14

Which of the following would not be considered acceptance of a contract term?

A.

silence

B.

accepting a delivery of a product into the factory

C.

an invoice

D.

a handshake

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Question # 15

Which of the following will you put into box 8?

A.

Condition

B.

Warranty

C.

Innominate Term

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Question # 16

Lisa has a contract with an internet provider and the contract stated the need for Wi-Fi to be online 100% of the time. The Wi-Fi has only been available 97% of the time. In order for Lisa to claim compensation from her internet provider, which of the following would need to be present in the contract?

A.

change control

B.

liability clause

C.

service credits

D.

subcontracting

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Question # 17

Molly is a wedding planner who has just set up as a sole-trader. She has a meeting with a po-tential couple to organise their wedding. The couple is extremely risk adverse and have asked Molly to email them a copy of her insurances. Which insurances should Molly send? Select TWO

A.

Products Liability Insurance

B.

Employers Liability Insurance

C.

Professional Indemnity Insurance

D.

Public Liability Insurance

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Question # 18

Which of the following statements about 'Specific Performance' are TRUE? Select TWO.

A.

Orders for Specific Performance can be a lengthy and costly process

B.

Orders for Specific Performance can be a cheap and quick way to remedy a breach in contract

C.

If a party is ordered to complete a 'Specific Performance' and doesn't, they can be ar-rested

D.

The innocent party must mitigate all losses

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