Contract Management: Introduction and Definition of a Contract

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Which law is specifically mentioned in the text as affecting public procurement contracts?

Indian Evidence Act, 1872

Transfer of Property Act, 1882

Sale of Goods Act, 1930

Competition Act, 2002 (correct)

What is NOT required of a public procurement professional regarding legal expertise according to the text?

Being an expert in labor laws (correct)

Interpreting the Constitution of India

Knowing environmental and mining laws

Understanding the Indian Contracts Act, 1872

What does the text suggest about a public procurement professional's knowledge of arbitration laws?

Basic awareness is expected of key laws (correct)

In-depth knowledge is necessary for every aspect

Complete mastery is required for contract execution

Expertise is crucial for successful bidding

Which act is NOT mentioned in the text as relevant to public procurement contracts?

Indian Trusts Act, 1882 Signup and view all the answers

What is the expected level of understanding regarding the Indian Contracts Act, 1872?

Basic understanding for compliance Signup and view all the answers

What should a public procurement professional NOT be expected to be according to the text?

Expert in interpreting building codes Signup and view all the answers

According to the Indian Contract Act, 1872, what is the essential requirement for a valid contract?

Free consent of both parties Signup and view all the answers

What would render a contract void under the Indian Contract Act, 1872?

Lack of lawful object Signup and view all the answers

In a valid contract, what should be the intention of the parties involved?

To create legal relationships Signup and view all the answers

What does Section 2(h) of the Indian Contract Act, 1872 define a contract as?

An agreement enforceable by law Signup and view all the answers

Which party in a contract quotes price or charges as consideration for executing work?

The party receiving the proposal Signup and view all the answers

What is a key element that differentiates a contract from an ordinary agreement?

Consideration for each other's promises Signup and view all the answers

In the context of a breach of contract, what must be taken into account when estimating the loss or damage?

The means available to remedy the inconvenience Signup and view all the answers

According to Section 74 of the Indian Contract Act, what is a party entitled to if a contract is breached and a sum is named in the contract as penalty?

Reasonable compensation up to the penalty amount named Signup and view all the answers

What is a person entitled to if they rightfully rescind a contract under the Indian Contract Act?

Compensation for sustained damages Signup and view all the answers

When did the Arbitration & Conciliation Act come into effect?

25.01.1996 Signup and view all the answers

Why has arbitration become a preferred option for settling commercial disputes globally?

For quick enforcement of contracts and settlement of monetary claims Signup and view all the answers

What does the amended Arbitration & Conciliation Act stipulate about settlements?

Settlements are encouraged Signup and view all the answers

According to Section 74 of the Indian Contract Act, what is the entitlement for the party complaining of a breach when a sum is named in the contract as a penalty?

Reasonable compensation up to the named amount Signup and view all the answers

In the context of a breach of contract, what must be considered when estimating loss or damage?

The inconvenience caused by non-performance Signup and view all the answers

What is the entitlement of a person who rightfully rescinds a contract under the Indian Contract Act?

Compensation for any sustained damage Signup and view all the answers

What is the effect of naming a sum as penalty in a contract according to the Indian Contract Act?

Caps compensation at the named sum Signup and view all the answers

Why has arbitration become a preferred option for settling commercial disputes globally?

For quick enforcement of contracts Signup and view all the answers

What defines a contract as per Section 2(h) of the Indian Contract Act, 1872?

An agreement enforceable by law Signup and view all the answers

What essential element is required for a valid contract based on the text?

Mutual and lawful consideration Signup and view all the answers

What condition must be satisfied related to the object of a contract to ensure its validity?

It should not be expressly declared void Signup and view all the answers

What distinguishes a contract from an ordinary agreement as per the text?

Legal enforceability Signup and view all the answers

Why should intention to create a legal relationship be present in a contract according to the text?

To establish enforceability by law Signup and view all the answers

What is the key feature of the amendment act mentioned in the text?

Establishment of the Indian Arbitration Council Signup and view all the answers

In what form must an arbitration agreement be according to the text?

Must be in writing Signup and view all the answers

Under what circumstances shall a judicial authority refer parties to arbitration?

When an arbitration agreement exists Signup and view all the answers

What does Section 2(h) of the Indian Contract Act, 1872 define as a contract?

Any enforceable agreement Signup and view all the answers

What is the time restriction for arbitral tribunals to make their award according to the latest amendment act?

12 months for international commercial arbitrations Signup and view all the answers

What is the key difference between a proposal and a promise in the Indian Contract Act, 1872?

The acceptance of a proposal results in a promise. Signup and view all the answers

In the context of the Indian Contract Act, what term defines an act or promise done at the desire of the Promisor?

Consideration Signup and view all the answers

What is the purpose of a Corporate Guarantee as discussed in the text?

Supporting PSUs/CPSEs in obtaining contractual security. Signup and view all the answers

Based on the text, which legal concept forms the foundation for an AGREEMENT under the Indian Contract Act, 1872?

Consideration Signup and view all the answers

What does the Indian Contract Act, 1872 define as a promise accepted by the Promisee?

Promise Signup and view all the answers

What is the primary difference between a public procurement contract and a legal transaction as mentioned in the text?

A public procurement contract is both a commercial and a legal transaction. Signup and view all the answers

Which act is specifically mentioned in the text as being relevant to e-procurement and e-auction?

The Information Technology Act, 2000 (IT Act) Signup and view all the answers

According to the Indian Contract Act, 1872, what must be present for a contract to be valid?

Free consent of all parties involved Signup and view all the answers

What does the Arbitration and Conciliation (Amendment) Act, 2015 amend in relation to disputes settlement?

It provides alternative dispute resolution mechanisms. Signup and view all the answers

In the context of a breach of contract, what aspect should be considered when estimating the loss or damage?

Any loss that is remotely related to the breach Signup and view all the answers

What makes an agreement void according to the Indian Contract Act, 1872?

If the consideration involves injury to the person or property of another Signup and view all the answers

Under what circumstances can an agreement without consideration be valid?

If it is made on natural love and affection between parties Signup and view all the answers

What type of agreements are considered void for uncertainty under the Indian Contract Act, 1872?

Agreements where the meaning is not certain or capable of being made certain Signup and view all the answers

According to the Indian Contract Act, 1872, what must the parties involved in a contract do?

They must perform their respective promises unless excused by any other law Signup and view all the answers

What renders an agreement void under the Indian Contract Act, 1872?

Involving injury to the person or property of another Signup and view all the answers

What is the role of the conciliator as stated in the text?

To assist parties in reaching an amicable settlement Signup and view all the answers

According to Section 73, what happens when the parties reach an agreement on a settlement?

The agreement becomes final and binding on the parties Signup and view all the answers

What is the status and effect of a settlement agreement according to Section 74?

It has the same status and effect as an arbitral award on agreed terms Signup and view all the answers

If parties sign a settlement agreement, what is the outcome according to the text?

The agreement becomes final and binding on the parties Signup and view all the answers

What is necessary for a settlement agreement to be considered final and binding according to Section 73?

It must be signed by the parties involved Signup and view all the answers

Contract Management: Introduction and Definition of a Contract

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Questions and Answers

Which law is specifically mentioned in the text as affecting public procurement contracts?

What is NOT required of a public procurement professional regarding legal expertise according to the text?

What does the text suggest about a public procurement professional's knowledge of arbitration laws?

Which act is NOT mentioned in the text as relevant to public procurement contracts?

What is the expected level of understanding regarding the Indian Contracts Act, 1872?

What should a public procurement professional NOT be expected to be according to the text?

According to the Indian Contract Act, 1872, what is the essential requirement for a valid contract?

What would render a contract void under the Indian Contract Act, 1872?

In a valid contract, what should be the intention of the parties involved?

What does Section 2(h) of the Indian Contract Act, 1872 define a contract as?

Which party in a contract quotes price or charges as consideration for executing work?

What is a key element that differentiates a contract from an ordinary agreement?

In the context of a breach of contract, what must be taken into account when estimating the loss or damage?

According to Section 74 of the Indian Contract Act, what is a party entitled to if a contract is breached and a sum is named in the contract as penalty?

What is a person entitled to if they rightfully rescind a contract under the Indian Contract Act?

When did the Arbitration & Conciliation Act come into effect?

Why has arbitration become a preferred option for settling commercial disputes globally?

What does the amended Arbitration & Conciliation Act stipulate about settlements?

According to Section 74 of the Indian Contract Act, what is the entitlement for the party complaining of a breach when a sum is named in the contract as a penalty?

In the context of a breach of contract, what must be considered when estimating loss or damage?

What is the entitlement of a person who rightfully rescinds a contract under the Indian Contract Act?

What is the effect of naming a sum as penalty in a contract according to the Indian Contract Act?

Why has arbitration become a preferred option for settling commercial disputes globally?

What defines a contract as per Section 2(h) of the Indian Contract Act, 1872?

What essential element is required for a valid contract based on the text?

What condition must be satisfied related to the object of a contract to ensure its validity?

What distinguishes a contract from an ordinary agreement as per the text?

Why should intention to create a legal relationship be present in a contract according to the text?

What is the key feature of the amendment act mentioned in the text?

In what form must an arbitration agreement be according to the text?

Under what circumstances shall a judicial authority refer parties to arbitration?

What does Section 2(h) of the Indian Contract Act, 1872 define as a contract?

What is the time restriction for arbitral tribunals to make their award according to the latest amendment act?

What is the key difference between a proposal and a promise in the Indian Contract Act, 1872?

In the context of the Indian Contract Act, what term defines an act or promise done at the desire of the Promisor?

What is the purpose of a Corporate Guarantee as discussed in the text?

Based on the text, which legal concept forms the foundation for an AGREEMENT under the Indian Contract Act, 1872?

What does the Indian Contract Act, 1872 define as a promise accepted by the Promisee?

What is the primary difference between a public procurement contract and a legal transaction as mentioned in the text?

Which act is specifically mentioned in the text as being relevant to e-procurement and e-auction?

According to the Indian Contract Act, 1872, what must be present for a contract to be valid?

What does the Arbitration and Conciliation (Amendment) Act, 2015 amend in relation to disputes settlement?

In the context of a breach of contract, what aspect should be considered when estimating the loss or damage?

What makes an agreement void according to the Indian Contract Act, 1872?

Under what circumstances can an agreement without consideration be valid?

What type of agreements are considered void for uncertainty under the Indian Contract Act, 1872?

According to the Indian Contract Act, 1872, what must the parties involved in a contract do?

What renders an agreement void under the Indian Contract Act, 1872?

What is the role of the conciliator as stated in the text?

According to Section 73, what happens when the parties reach an agreement on a settlement?

What is the status and effect of a settlement agreement according to Section 74?

If parties sign a settlement agreement, what is the outcome according to the text?

What is necessary for a settlement agreement to be considered final and binding according to Section 73?

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