Exam (elaborations)
CCCM EXAM QUESTIONS AND ANSWERS FULLY SOLVED
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Exam of 10 pages for the course FCCM at FCCM (CCCM EXAM)
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CCCM EXAMCCCM - answer Certified Commercial Contracts Manager
Bilateral Contract - answer Two parties, purchase contract
Unilateral Contract - answer1st party promise, 2nd party actual performance
Unilateral Contract when is it binding - answer When 2nd party performs
Express Contract - answer Oral or written, manifested in words
Implied Contract - answer Inferred from conduct alone
Aleatory Contract - answer performance by one party is contingent on occurrence of
uncertain future event.
Aleatory example - answer Insurance contract
Implied-in-law – answer Quasi Contract - a contractual obligation imposed by the law to
prevent unjust enrichment
Quasi Contract – answer a contractual obligation imposed by the law to prevent unjust
enrichment
Adhesion Contract – answer One side highly restrictive - court may not enforce
Not truly voluntary or possibly coerced – answer Adhesion Contract
Divisible Contract - answer Severable (must have 2 or more distinct components)
Severable Contract - give another name - answer Divisible Contract
Installment Contract - answer Obligations are in increments over defined time.
UCC requires separate shipments to be separately accepted in which kind of contract? -
answer Installment Contract
UCC views each delivery as an independent contract in which kind of contract - answer
Installment Contract
, Tangible goods - answer Chattels, merchandise, personal property, commodities
provided they are legal and offered for sale
Tangible goods must have these components - answer legal and offered for sale
Moveable personal property v commodities - answer Moveable personal property is
Chattels. Commodities can be chattels, but could also have 'valuable interest' in gold,
livestock that are sold in commercial markets
Chattels or commodities - which can have valuable interest? - answer Commodities only
Fair Market Value (3 things) - answer1) Wiling buyer, willing seller 2) at time of
transaction 3) under no compulsion to buy or sell
Fixture - answersomething permanently attached generally real estate
Trade fixture - answerspecial type of object used by COMMERCIAL tenants in a trade
Assignment - answerTransfer of rights from one party to a third party.
Who is responsible if assignee fails to complete responsibilities? - answerAssignor -
typically
Novation - answerSubstitution of new contract. Original party has a 'Release'
What constitutes a 'valid release'? - answerA valid release has all the essential
elements of a contract.
Accord and satisfaction - answerRefers to settlement or compromise of a dispute
through the rendering of a different kind of performance
Refers to settlement or compromise of a dispute through the rendering of a different
kind of performance - answerAccord and Satisfaction
Liens - answerAdverse claims made against property Could be collateral or legal
interest created for non-payment of debt.
'As is' - answerSeller does not warrant the authenticity or condition. Seller can make no
other comments about the item that could be perceived as promises
Valid contract if PO only? Two requirements - answerProvided PO has T&C and is 2) in
response to a quote or tender.
UCC $$$ limit for oral contract? - answerLess than $500
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