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L4M3 Exam Dumps - Commercial Contracting

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Question # 4

Which of the following are benefits of using model form contracts? Select TWO that apply.

Liability is greatly reduced for suppliers

Suppliers can renegotiate terms more easily

They improve contract consistency

They are widely accepted in certain industries

A.

1 and 3

B.

1 and 2

C.

2 and 4

D.

3 and 4

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Question # 5

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 consideration

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Question # 6

Which of these describes “consideration” within a contract?

A.

The communication of an unconditional agreement

B.

Both parties exchange something of value

C.

The desire of both parties to enter into a contract

D.

Ability of both parties to be able to enter into a contract

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Question # 7

What pricing arrangements or schedule would be used if the buyer is operating to an exact budget?

A.

Cost-plus pricing arrangement

B.

Fixed pricing arrangement

C.

Incentivised pricing arrangement

D.

Indexation pricing arrangement

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Question # 8

Which of the following is the contract provision that relieves the parties from performing their contractual obligations when certain circumstances like natural disasters, terrorist attacks, etc arise?

A.

Indemnity clause

B.

Liquidated damage clause

C.

Insurance clause

D.

Exclusion clause

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