Sample Contract terms - revision 1

What does "THROUGHOUT" mean in a contract context?

• At a specific moment in time

• From beginning to end or across an entire area

• Only in certain cases

• As a result of a condition

Which of the following best describes a "FORMER" employee?

• Someone currently employed

• A future employee

• A past employee

• A senior executive

The "LATTER" in a sentence referring to two items means:

• The first-mentioned item

• The second-mentioned item

• Neither of the mentioned items

• Both items equally

What does "BY VIRTUE OF" mean in contract language?

• Due to or because of

• Despite a condition

• As a suggestion

• To prevent something from happening

Which phrase is used in legal documents to indicate something is done in accordance with a law or rule?

• Insofar as

• Pursuant to

• Without prejudice to

• Conditional upon

A "NATURAL PERSON" in legal terms refers to:

• A corporation

• An individual human being

• A governmental entity

• A non-profit organization

"Permitted assigns" in a contract refers to:

• A clause that prohibits assignment of rights

• A list of authorized individuals who can sign the contract

• Entities allowed to receive contractual rights and obligations

• A financial guarantee in the agreement

What does "pledging the Supplier’s credit" mean in a contractual context?

• Using the Supplier’s financial reputation as security

• Making payments to the Supplier in advance

• Refusing to extend credit to the Supplier

• Agreeing to pay the Supplier in cash only

Which of the following best defines "ENDEAVOUR" in a contract?

• A promise that must be fulfilled under penalty

• A legally binding commitment

• A serious effort or attempt to do something

• A financial obligation

What is the "prudent businessperson" standard?

• A principle that requires individuals to act with reasonable care and diligence in business decisions

• A rule that limits business liability

• A requirement for businesses to be insured

• A financial reporting guideline