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
Which of the following are always considered as minimum preconditions for a contract? Select TWO that apply:
One of the important features in the formation of a contract is the need to have a 'consensus ad idem' between the contracting parties. 'Consensus ad idem' can be translated as meaning:
Various terms are used to qualify a party's obligations under contract. Which of the following gives absolute obligation?
XYZ Ltd and Engineer Corp signed a long-term supply contract in which both parties had agreed on performance targets. Recently, due to increased customer demands, XYZ Ltd realises that they should make changes to the contract with Engineer Corp with regards to performance management. These changes are approved and signed by both the buyer and seller. The changes to the contract are known as...?
Maximum Score 1
Drafting a specification is important because these documents become embedded within the contract and therefore, are legally binding. Is this statement true?
Which of the following are examples of express terms in a contract? Select TWO that apply.
A procurement officer decides to approach the supply market regarding a procurement activity that will specify the use of technology that is very new to the market. The procurement officer is taking this step before the formal tender process is started. Is this approach permitted?
Maximum Score 1
The nature of the "Battle of the forms" is when both buyer and supplier are attempting to ...
