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Download Managing Contractual Risk Exam Dumps
NEW QUESTION 25
Which of the following will you put into box 3?
Answer: A
Explanation:
The correct answers are as follows:
Specifying the food needs to be organic is a 'specification'
NEW QUESTION 26
Which of the following would be included in a contract to assign costs and responsibilities be-tween buyer and seller when products are delivered?
Answer: B
Explanation:
Incoterms assign costs and responsibilities about when products are delivered. See p. 37 for a full list of the different Incoterms. You don't need to know all Incoterms for the exam, but it's a good idea to know what they are and why they'd be put into a contract
NEW QUESTION 27
Which of the following will you put into box 6?
Answer: D
Explanation:
The correct answers are as follows:
The answer is liquidated damages as they're seeking compensation for loss.
NEW QUESTION 28
When assessing damages caused by a breach, which of the following statements is true?
Answer: D
Explanation:
The correct answer is: 'damages attempt to position the innocent party in the position that they would have been had the contract been performed as expected'. This is a quote from p. 121 Option1 is incorrect as unliquidated damages aren't stated in a contract. Option 2 is incorrect because liquidated damages are an assessment of damages before a breach. Option 4 is incorrect because not all breaches are caused by errors (they can be caused by negligence or the offending party withholding something).
NEW QUESTION 29
Which of the following would not be considered acceptance of a contract term?
Answer: D
Explanation:
Silence is not acceptance. Acceptance can be in writing, verbal or implied by conduct. The three other options are ways in which a contract could be accepted by conduct. See p.8 of the study guide
NEW QUESTION 30
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