Contract Management: Introduction and Definition of a Contract

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?