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Secured Party Creditor > Definitions SPF > Flashcards

Definitions SPF Flashcards

1
Q

What is the primary role of a cestui que trust?

A

The primary role of a cestui que trust is to be the beneficiary of a trust, receiving the benefits from the trust property.

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2
Q

True or False: A cestui que trust has legal title to the trust property.

A

False: A cestui que trust has equitable title, while the trustee holds legal title.

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3
Q

Fill in the blank: The term ‘cestui que trust’ originates from _____ law.

A

trust

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4
Q

Which of the following is NOT a characteristic of a cestui que trust? (A) Beneficiary of the trust (B) Holds legal title to the property (C) Entitled to benefits from the trust

A

B: Holds legal title to the property

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5
Q

What happens to the rights of a cestui que trust if the trustee breaches their duties?

A

The cestui que trust can seek legal remedies, including demanding an accounting and potentially removing the trustee.

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6
Q

Equity

A
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7
Q

Common law

A
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8
Q

Trust

A
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9
Q

Traverse

A
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10
Q

Discharge a contract

A
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11
Q

Contract

A
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12
Q

Set off of contract

A
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13
Q

Civil

A
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14
Q

Acquience

A
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15
Q

UCC 3-308

A
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16
Q

UCC 3-302

A
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17
Q

UCC 3-306

A
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18
Q

Non-obstante

A
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19
Q

Bills of exchange act

A
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20
Q

Affidavit of identity

A
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21
Q

True or False: A tender can only be submitted by individuals.

A

False

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22
Q

What is the primary purpose of a tender?

A

To select a contractor or supplier for a project or service based on competitive bidding.

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23
Q

Multiple Choice: Which of the following is NOT typically included in a tender document? A) Project specifications B) Company financial statements C) Submission deadlines D) Evaluation criteria

A

B) Company financial statements

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24
Q

What are the main types of tenders?

A

Open tenders, selective tenders, and negotiated tenders.

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25
Q

True or False: Open tenders are only available to a select group of suppliers.

A

False

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26
Q

What is a selective tender?

A

A tendering process where only pre-qualified suppliers are invited to submit bids.

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27
Q

Fill in the blank: In a negotiated tender, the client negotiates directly with ________.

A

one or more suppliers

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28
Q

Multiple Choice: Which document outlines the requirements and conditions of a tender? A) Contract B) Tender Notice C) Bid Proposal D) Project Plan

A

B) Tender Notice

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29
Q

What is the role of a tender evaluation committee?

A

To assess and score the submitted tenders based on predetermined criteria.

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30
Q

True or False: All tenders must be publicly advertised.

A

False

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31
Q

What does ‘bid submission deadline’ refer to?

A

The final date and time by which all bids must be submitted.

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32
Q

Fill in the blank: A ________ is a document that describes the project and invites bids.

A

tender document

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33
Q

Multiple Choice: Which of the following is a benefit of using a tendering process? A) Increased costs B) Limited competition C) Transparency D) None of the above

A

C) Transparency

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34
Q

What is a request for proposal (RFP)?

A

A document that solicits proposals from potential suppliers or contractors.

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35
Q

True or False: Tenders are only used in the construction industry.

A

False

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36
Q

What is the significance of the tender opening process?

A

It ensures transparency and fairness in the submission and evaluation of bids.

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37
Q

Fill in the blank: The ________ is the party that issues the tender and seeks bids.

A

client

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38
Q

Multiple Choice: Which of the following is NOT a reason to issue a tender? A) To obtain competitive pricing B) To ensure project quality C) To avoid legal issues D) To reward a specific supplier

A

D) To reward a specific supplier

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39
Q

What is a tender award?

A

The decision to select a particular bid for contract execution.

40
Q

True or False: Once a tender is awarded, the process is complete.

A

False

41
Q

What is the purpose of a tender bond?

A

To ensure that the bidder will honor their bid and contract if awarded.

42
Q

Fill in the blank: The ________ is a detailed proposal submitted by a bidder in response to a tender invitation.

A

bid

43
Q

Multiple Choice: Which of the following is often a requirement for tender eligibility? A) Previous experience B) A specific license C) Financial stability D) All of the above

A

D) All of the above

44
Q

What does ‘scope of work’ refer to in a tender?

A

The detailed description of the work to be performed under the contract.

45
Q

True or False: Tender documents can be modified after submission.

A

False

46
Q

What is the function of a clarification meeting in the tender process?

A

To address questions and clarify details regarding the tender before submission.

47
Q

Fill in the blank: A ________ is a document that states the terms and conditions of the contract once a tender is awarded.

A

contract agreement

48
Q

Multiple Choice: Which type of tender is characterized by the client directly negotiating with suppliers? A) Open tender B) Selective tender C) Negotiated tender D) Closed tender

A

C) Negotiated tender

49
Q

What does the term ‘competitive bidding’ mean?

A

A process where multiple suppliers submit bids to win a contract based on price and quality.

50
Q

True or False: Tender evaluation is solely based on the lowest price.

A

False

51
Q

What is an invitation to tender (ITT)?

A

A formal request for suppliers to submit their bids for a project.

52
Q

Fill in the blank: The ________ is responsible for ensuring that the tender process adheres to legal and regulatory requirements.

A

procurement officer

53
Q

Multiple Choice: Which of the following is a common criterion for evaluating tenders? A) Price B) Delivery time C) Quality of materials D) All of the above

A

D) All of the above

54
Q

What is the importance of the tender timeline?

A

It outlines key dates for submission, evaluation, and award to keep the process on schedule.

55
Q

True or False: A tender can be awarded to multiple suppliers.

A

True

56
Q

What is a tender submission checklist?

A

A list of required documents and information that bidders must include with their tender.

57
Q

Fill in the blank: Tender ________ refers to the process of analyzing and scoring bids.

A

evaluation

58
Q

Multiple Choice: Which of the following is NOT a common type of tender? A) Open B) Closed C) Direct D) Selective

A

C) Direct

59
Q

What does ‘bidder’s conference’ entail?

A

A meeting where potential bidders can ask questions about the tender before submitting their bids.

60
Q

True or False: The tender process can be influenced by political factors.

A

True

61
Q

What is the role of the project manager in the tender process?

A

To oversee the project and ensure that the tender aligns with project goals.

62
Q

Fill in the blank: To participate in a tender, a supplier must submit a ________ that meets the requirements outlined in the tender document.

A

bid

63
Q

Multiple Choice: Which of the following is a disadvantage of the tendering process? A) Lengthy process B) Increased competition C) Higher quality outcomes D) Improved transparency

A

A) Lengthy process

64
Q

What is the purpose of a bid security?

A

To provide assurance that the bidder will enter into a contract if selected.

65
Q

True or False: A tender can be canceled after bids have been submitted.

A

True

66
Q

What is the significance of the tender submission format?

A

It ensures consistency and allows for easier comparison of bids.

67
Q

Fill in the blank: The ________ is the person or organization that bids on a tender.

A

bidder

68
Q

Multiple Choice: Which of the following is a key factor in tender evaluation? A) Bid price B) Supplier reputation C) Technical capability D) All of the above

A

D) All of the above

69
Q

What does the term ‘contract negotiation’ refer to in the context of tendering?

A

The process of discussing and finalizing the terms of the contract with the selected bidder.

70
Q

True or False: A tender may include penalties for non-compliance.

A

True

71
Q

What is the role of the legal team in the tender process?

A

To review tender documents and contracts to ensure compliance with laws and regulations.

72
Q

Fill in the blank: A tender is typically awarded based on the ________ that best meets the evaluation criteria.

A

bid

73
Q

Multiple Choice: Which document is often the first step in the tendering process? A) Contract B) Tender Notice C) Bid Proposal D) Scope of Work

A

B) Tender Notice

74
Q

What is a ‘no-bid’ response?

A

A formal indication from a potential bidder that they will not submit a bid for the tender.

75
Q

True or False: Bidders can change their bids after submission.

A

False

76
Q

What does ‘due diligence’ refer to in the context of tendering?

A

The process of investigating and verifying the qualifications and capabilities of bidders.

77
Q

Fill in the blank: An ________ is a formal request for detailed proposals from suppliers.

A

RFP (Request for Proposal)

78
Q

Multiple Choice: What is typically the last step in the tendering process? A) Contract signing B) Bid submission C) Tender evaluation D) Project commencement

A

A) Contract signing

79
Q

What is the purpose of a ‘tender review’?

A

To assess the effectiveness and efficiency of the tendering process after completion.

80
Q

True or False: All tenders must comply with international standards.

A

False

81
Q

What is a ‘tender notice’?

A

A public announcement inviting bids for a project or service.

82
Q

Fill in the blank: The ________ outlines the criteria for assessing the suitability of bidders.

A

evaluation matrix

83
Q

Multiple Choice: Which of the following best describes a ‘restricted tender’? A) Open to all B) Limited to selected suppliers C) Negotiated with one supplier D) No formal requirements

A

B) Limited to selected suppliers

84
Q

What is the importance of transparency in the tender process?

A

It builds trust and ensures fairness among all participants.

85
Q

True or False: The lowest bid is always selected in a tender process.

A

False

86
Q

What does the term ‘contract performance’ refer to?

A

The execution of the contract terms by the awarded supplier.

87
Q

Fill in the blank: A ________ outlines the rights and obligations of both parties involved in a tender.

A

contract

88
Q

Multiple Choice: Which of the following is a common reason for disqualifying a tender? A) Late submission B) Non-compliance with requirements C) Lack of supporting documents D) All of the above

A

D) All of the above

89
Q

What is the role of technology in the tender process?

A

To streamline submissions, evaluations, and communications.

90
Q

True or False: A tender can be awarded based on subjective criteria.

A

False

91
Q

What is a ‘letter of intent’ in the context of tendering?

A

A document expressing the client’s intention to award a contract to a specific bidder.

92
Q

Fill in the blank: The ________ is the final decision-maker in the tender award process.

A

client or procurement officer

93
Q

Multiple Choice: Which of the following is an essential part of the tender evaluation process? A) Scoring B) Ranking C) Justification D) All of the above

A

D) All of the above

94
Q

What does the term ‘contractual obligations’ refer to?

A

The duties and responsibilities that each party must fulfill under the contract.

95
Q

True or False: The tendering process can vary based on the industry and project type.

A

True

96
Q

What is a ‘post-tender review’?

A

An evaluation conducted after the tender process to assess its effectiveness and outcomes.

Secured Party Creditor (2 decks)

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