104

Question 1

“to draft a contract”

Answer 1

to prepare the document

Question 2

execution of contract

Answer 2

the signing of the contract

Question 3

manufacturing licence agreement

Answer 3

a contract to produce a product respecting intellectual property

Question 4

distribution agreement

Answer 4

a contract to market another company’s goods

Question 5

franchise agreement

Answer 5

the right to operate a business using the trademarks of a famous brand

Question 6

consultancy agreement

Answer 6

a contract for independent advice

Question 7

contract of hire

Answer 7

to rent and use goods in a service

Question 8

contract under seal

Answer 8

a contract that does not require consideration ≠ simple contract (not under seal)

Question 9

loan agreement

Answer 9

a contract for money borrowed

Question 10

click wrap agreement

Answer 10

an online contract signed with a click

Question 11

intent

Answer 11

a determined mental attitude

Question 12

legal subject matter

Answer 12

the business at hand must be legal

Question 13

legal consideration

Answer 13

the incentive to contract must be legal

Question 14

mutuality of agreement

Answer 14

both parties must share the purpose of the agreement

Question 15

mutuality of obligation

Answer 15

the consent of both parties to respect the conditions of the contract

Question 16

absence of duress

Answer 16

no pressure to make the deal

Question 17

conditions

Answer 17

essential terms that must be respected

Question 18

express terms

Answer 18

clauses clearly stipulated in the contract

Question 19

implied terms

Answer 19

presumed intentions that are not explicitly stated

Question 20

prices and payment clause

Answer 20

regards consideration

Question 21

law and jurisdiction clause

Answer 21

specifies which country’s laws apply

Question 22

remedy clause

Answer 22

the right of the non-breaching party to receive compensation

Question 23

arbitration clause

Answer 23

states how disputes will be independently mediated

Question 24

confidentiality clause

Answer 24

regards the treatment of private data

Question 25

termination clause

Answer 25

the right to end the contract under certain circumstances

Question 26

“to draw up a contract”

Answer 26

to draft a contract