Law Legal Studies ยท Commerce Accountancy
Contract Law
1,497 Questions
Contract Law encompasses the rules and statutes governing legally binding agreements between parties. This hub provides practice questions on essential topics like legal obligations, breach of contract, and termination clauses. These concepts are frequently tested in law entrance tests and various other competitive government examinations.
Legal obligationsVoid contractsBreach of contractCommunication of acceptanceStatute of FraudsContract clauses
Contract Law Questions
-
capable of being bribed; corrupt
-
stipulation; condition in an agreement; provision
-
block; obstacle
-
correct(usually a text)
C
Correct answer
Explanation
Hindrance means something that obstructs, blocks, or creates difficulty - an obstacle to progress. Option A means corruptible, B is a stipulation, and D means to edit text, none of which match the meaning.
-
I could not put up in a hotel
-
because the boarding and lodging charges
-
were exorbitant
-
No error.
A
Correct answer
Explanation
The error is in part A: "put up in a hotel" is incorrect. The correct phrasal verb is "put up at" a hotel, not "put up in". When using "put up" to mean staying temporarily, we say "put up at" (a place). Parts B, C, and D are grammatically correct.
-
Line & Tax prorate
-
Line & Frieght Prorate
-
Line first & tax after
-
Prorate All
B
Correct answer
Explanation
In Oracle Receivables, standard application rule sets include Line First - Tax After, Prorate All, and Line and Tax Prorate. 'Line & Freight Prorate' is not a standard default application rule set.
B
Correct answer
Explanation
In the ULIS policy administration platform, Transaction 306 is not the designated transaction code used to add a death guarantee to existing contracts. Such guarantees are managed under different transaction codes, meaning the claim that Transaction 306 performs this action is false.
B
Correct answer
Explanation
The statement is false because opportunity assignments can only be accepted or rejected. The 'turned back' option applies to leads, not opportunities. Opportunities and leads have different workflow states in Peoplesoft Sales.
-
a. Activity
-
b. Property
-
c. Section
-
d. Flow action
-
e. Harness
B
Correct answer
Explanation
When Conditions in Pega are rules that evaluate to true or false and can be used in Activities, Sections, Flow actions, and Harnesses to control conditional behavior. They cannot be directly referenced within Property rules, as Properties are data definitions that don't support conditional logic references.
-
The part of a contract that specifies responsibilities of each party
-
An agreement between the Service Provider and their customer
-
An agreement between a Service Provider and an external supplier
-
An agreement between the Service Provider and an internalorganisation
B
Correct answer
Explanation
A Service Level Agreement (SLA) is a formal agreement between a Service Provider and their customer (which can be internal or external) that defines the service levels, responsibilities, and expectations. Option B correctly identifies this relationship. Options C and D incorrectly specify external vs internal - both types of customers can have SLAs.
-
The part of a contract that specifies responsibilities of each party
-
An agreement between the Service Provider and their customer
-
An agreement between a Service Provider and an external supplier
-
An agreement between the Service Provider and an internalorganisation
B
Correct answer
Explanation
A Service Level Agreement (SLA) is a formal agreement between the service provider and the customer that defines the expected service levels, responsibilities, and metrics. It documents what services will be provided, how they will be measured, and what happens if targets aren't met.
-
Message Contract
-
Exception Contract
-
Fault COntract
-
None of the above
C
Correct answer
Explanation
In Windows Communication Foundation (WCF), the Fault Contract (FaultContractAttribute) is used to declare which SOAP faults a service operation can throw. Message Contracts define headers/body structure, and Exception Contract is not a WCF contract.
-
Message Contract
-
Exception Contract
-
Fault COntract
-
None of the above
C
Correct answer
Explanation
In WCF (Windows Communication Foundation), FaultContract is used to define the error/fault information that a service can send to clients. It specifies the type of SOAP faults that can be returned. MessageContract defines message structure, and there is no 'ExceptionContract' in WCF.
-
FaultContract
-
OperationContract
-
ServiceContract
-
BehaviourContract
D
Correct answer
Explanation
WCF defines ServiceContract, OperationContract, DataContract, MessageContract, and FaultContract as standard contract types. There is no BehaviourContract in WCF - behaviors are specified using attributes like [ServiceBehavior] and [OperationBehavior], which are not contracts.
-
Contracts
-
Copyrights
-
Patents
-
Torts
A
Correct answer
Explanation
Contracts are legally binding agreements where promises are exchanged for consideration (something of value). Copyrights protect intellectual property rights, Patents protect inventions, and Torts deal with civil wrongs - none of these primarily focus on binding promises in exchange for consideration.
B
Correct answer
Explanation
Contracts in SAP Kraft can be created at various organizational levels (company code, purchasing organization) and are not strictly plant-specific. While they can reference plants, they're broader documents that may serve multiple plants.
-
A. Broken
-
B. Collectible
-
C. No
-
D. Not Collectible
A
Correct answer
Explanation
In Oracle Collections, when a customer makes a promise to pay but fails to fulfill it, the promise status is updated to 'Broken'. This triggers collections workflows for escalated follow-up. 'Collectible' is not a valid status, 'No' is too vague, and 'Not Collectible' is different - that's when the debt is deemed uncollectible and written off, not merely when a promise is broken.