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Obligations and riskin contracts for international saleshttps://www.studocu.com/en-gb/document/association-of-chartered-certified-accountants/f4-corporate-law/f4-globalkaplan-kit-2018-19/6833553 - take the quiz

What is the main purpose of a contract?
To establish legal obligations
To create social relationships
To promote personal interests
To enforce penalties
Which of the following is an example of a unilateral contract?
Buying groceries at a supermarket
Hiring a plumber to fix a leaky faucet
Offering a reward for finding a lost pet
Signing a lease agreement
What is the difference between a condition and a warranty in a contract?
Which of the following is an example of a breach of contract?
Failure to deliver goods as agreed
Late payment of an invoice
Providing substandard services
Changing the terms of the contract without consent
What is the principle of privity of contract?
The right to terminate a contract at any time
The requirement for consideration in a contract
The ability to assign contractual rights and obligations
The duty to mitigate damages in case of breach
Which of the following is an example of a force majeure event?
Natural disasters
Strikes and labor disputes
Economic recession
Government regulations
What is the purpose of an indemnity clause in a contract?
To establish the jurisdiction for resolving disputes
To limit liability for certain risks
To transfer the risk of loss from one party to another
To ensure timely performance of obligations
Which of the following is a remedy for breach of contract?
Specific performance
Damages
Rescission
Termination
What is the difference between a void contract and a voidable contract?
What is the purpose of an entire agreement clause in a contract?
To exclude liability for negligence
To limit the scope of the contract
To ensure that the written contract contains all agreed terms
To provide a mechanism for dispute resolution
Which of the following is an example of a unilateral mistake in a contract?
Both parties are mistaken about the subject matter
One party is mistaken about the price
One party is mistaken about the identity of the other party
Both parties are mistaken about the legal consequences
What is the purpose of a liquidated damages clause in a contract?
To provide compensation for actual losses incurred
To deter breach of contract
To establish a fixed amount of damages in case of breach
To allow for renegotiation of terms
Which of the following is an example of a condition precedent in a contract?
Payment of the purchase price
Delivery of goods
Signing the contract
Obtaining necessary permits or licenses
What is the purpose of a non-compete clause in a contract?
To restrict competition in the market
To prevent disclosure of confidential information
To prohibit one party from competing with another party after the contract ends
To ensure timely performance of obligations
Which of the following is an example of a unilateral mistake in a contract?
Both parties are mistaken about the subject matter
One party is mistaken about the price
One party is mistaken about the identity of the other party
Both parties are mistaken about the legal consequences
What is the purpose of an entire agreement clause in a contract?
To exclude liability for negligence
To limit the scope of the contract
To ensure that the written contract contains all agreed terms
To provide a mechanism for dispute resolution
Which of the following is an example of a condition precedent in a contract?
Payment of the purchase price
Delivery of goods
Signing the contract
Obtaining necessary permits or licenses
What is the purpose of a non-compete clause in a contract?
To restrict competition in the market
To prevent disclosure of confidential information
To prohibit one party from competing with another party after the contract ends
To ensure timely performance of obligations
What is the difference between a unilateral mistake and a mutual mistake in a contract?
What is the purpose of an exclusion clause in a contract?
To limit liability for certain risks
To terminate the contract
To ensure timely performance of obligations
To establish the jurisdiction for resolving disputes
Which of the following is an example of a condition subsequent in a contract?
Termination of employment
Breach of confidentiality
Failure to make timely payments
Occurrence of a specified event that ends the contract
What is the purpose of a force majeure clause in a contract?
To establish the governing law for the contract
To allocate risks and responsibilities between the parties
To excuse performance in case of unforeseen events beyond the parties' control
To provide a mechanism for dispute resolution
Which of the following is an example of a restrictive covenant in a contract?
Non-disclosure agreement
Non-compete agreement
Confidentiality clause
Termination clause
What is the purpose of a termination clause in a contract?
To establish the governing law for the contract
To allocate risks and responsibilities between the parties
To provide a mechanism for ending the contract
To ensure timely performance of obligations
Which of the following is an example of a material breach of contract?
Minor delay in delivery
Failure to pay a small amount
Non-performance of a significant obligation
Inadequate quality or quantity of goods
What is the purpose of an arbitration clause in a contract?
To establish the governing law for the contract
To allocate risks and responsibilities between the parties
To provide a mechanism for resolving disputes outside of court
To ensure timely performance of obligations
Which of the following is an example of a condition subsequent in a contract?
Termination of employment
Breach of confidentiality
Failure to make timely payments
Occurrence of a specified event that ends the contract
What is the purpose of a force majeure clause in a contract?
To establish the governing law for the contract
To allocate risks and responsibilities between the parties
To excuse performance in case of unforeseen events beyond the parties' control
To provide a mechanism for dispute resolution
Which of the following is an example of a restrictive covenant in a contract?
Non-disclosure agreement
Non-compete agreement
Confidentiality clause
Termination clause
What is the purpose of a termination clause in a contract?
To establish the governing law for the contract
To allocate risks and responsibilities between the parties
To provide a mechanism for ending the contract
To ensure timely performance of obligations
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