Obligations and risk in contracts for international sales https://www.studocu.com/en-gb/document/association-of-chartered-certified-accountants/f4-corporate-law/f4-globalkaplan-kit-2018-19/6833553

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

Obligations and risk in contracts for international sales https://www.studocu.com/en-gb/document/association-of-chartered-certified-accountants/f4-corporate-law/f4-globalkaplan-kit-2018-19/6833553

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