Online Access Free L5M3 Practice Test

If a party is to 'repudiate' a contract, what does this mean?

• A.the party gives notice that they anticipate that they will not be able to fulfil their future obligations
• B.the party is using the break-clause to end the contract
• C.the party indicates they no longer intend to fulfil their contractual obligations, usually in response to a breach
• D.the party is cancelling the contract as it is no longer needed

Which TWO conflict resolution methods provide certainty of resolution?

• A.adjudication and litigation
• B.mediation and litigation
• C.arbitration and conciliation
• D.adjudication and mediation

Which of the following statements about 'Specific Performance' are TRUE? Select TWO.

• A.If a party is ordered to complete a 'Specific Performance' and doesn't, they can be ar-rested
• B.Orders for Specific Performance can be a lengthy and costly process
• C.Orders for Specific Performance can be a cheap and quick way to remedy a breach in contract
• D.The innocent party must mitigate all losses

Mark is a consultant who works with building managers and advises them on how to make their buildings safer. What type of insurance should Mark have?

• A.Public Liability
• B.Product Liability
• C.Professional Indemnity
• D.Property Insurance

A warranty is a minor term of a contract. Is this TRUE?

• A.no- a warranty is a type of innominate term
• B.yes- it does not affect the prime benefit
• C.yes- it affects the prime benefit of the contract
• D.no- a warranty is a fundamental term in a contract