contracts,law, standards

Question 1

why are commercial contracts important

Answer 1

essential for agreements in UK engineering and manufacturing.

Define rights and responsibilities for goods and services.

critical for minimising risks

Question 2

what is a legally binding contract

Answer 2

an agreement between two or more parties that is enforceable by law

Question 3

what must a legally binding contact contain

Answer 3

an offer

acceptance

consideration

mutual consent

lawful purpose

Question 4

what is the second party

Answer 4

the individual which accepts the contact made by the first party

Question 5

what is a first party

Answer 5

the individual or entity that initiates the contract

Question 6

What is a third party?

Answer 6

Any individual or entity that is not directly involved in the contract but may be affected by the terms or outcomes

Question 7

Majeure Clause

Answer 7

Addresses unforeseen events that prevent a party from fulfilling their contractual obligations.

These may include natural disasters, war, or other extraordinary circumstances that prevent a party from fulfilling their contractual obligations.

These may include natural disasters, war, or other extraordinary circumstances

Question 8

what’s a warranty

Answer 8

assurances provided by one party regarding the quality or performance of the goods or services

Question 9

Indemnity clauses

Answer 9

Indemnity clauses are provisions that require one party to compensate the other for certain damages or losses incurred.

Question 10

what mark identifies the product meets British standards

Answer 10

Kite mark

Question 11

what mark identifies the product meets European standards

Answer 11

CE mark