Question 1

Contracts published by third party experts such as trade associations or professional bodies, widely regarded as favouring neither buyer nor seller, are called:

Options :

A : Good form

B : Paper form

C : Uni form

D : Trans form

E : Model form

Answer: E

Question 2

Conducting individual and group-based (focus groups) in-depth interviews.

Is this quantitative or qualitative data gathering?

Options :

A : Qualitative

B : Quantitative

Answer: A

Question 3

The expression ‘consideration’ means:

Options :

A : Being nice to people, in the expectation that they in turn will be nice

B : Being over 18 and being of sound mind

C : Some form of valuable exchange

D : Taking time to think about the gravity of the contract you may be about to be entering into

Answer: C

Question 4

What do we call a contract term which is part of the contract, but which is not written into the contract documents?

Options :

A : Hidden

B : Vague

C : Express

D : Implied

Answer: D

Question 5

What is the term for a situation where a seller sets a high introductory price for a new product, to attract buyers who have a strong desire to get the product early, and who can afford it? The price then gets gradually reduced over time.

Options :

A : Contribution pricing

B : Price discrimination

C : Market skimming

D : Promotional pricing

Answer: C