Definitions SPF Flashcards
(96 cards)
1
Q
What is the primary role of a cestui que trust?
A
The primary role of a cestui que trust is to be the beneficiary of a trust, receiving the benefits from the trust property.
2
Q
True or False: A cestui que trust has legal title to the trust property.
A
False: A cestui que trust has equitable title, while the trustee holds legal title.
3
Q
Fill in the blank: The term ‘cestui que trust’ originates from _____ law.
A
trust
4
Q
Which of the following is NOT a characteristic of a cestui que trust? (A) Beneficiary of the trust (B) Holds legal title to the property (C) Entitled to benefits from the trust
A
B: Holds legal title to the property
5
Q
What happens to the rights of a cestui que trust if the trustee breaches their duties?
A
The cestui que trust can seek legal remedies, including demanding an accounting and potentially removing the trustee.
6
Q
Equity
A
7
Q
Common law
A
8
Q
Trust
A
9
Q
Traverse
A
10
Q
Discharge a contract
A
11
Q
Contract
A
12
Q
Set off of contract
A
13
Q
Civil
A
14
Q
Acquience
A
15
Q
UCC 3-308
A
16
Q
UCC 3-302
A
17
Q
UCC 3-306
A
18
Q
Non-obstante
A
19
Q
Bills of exchange act
A
20
Q
Affidavit of identity
A
21
Q
True or False: A tender can only be submitted by individuals.
A
False
22
Q
What is the primary purpose of a tender?
A
To select a contractor or supplier for a project or service based on competitive bidding.
23
Q
Multiple Choice: Which of the following is NOT typically included in a tender document? A) Project specifications B) Company financial statements C) Submission deadlines D) Evaluation criteria
A
B) Company financial statements
24
Q
What are the main types of tenders?
A
Open tenders, selective tenders, and negotiated tenders.
25
True or False: Open tenders are only available to a select group of suppliers.
False
26
What is a selective tender?
A tendering process where only pre-qualified suppliers are invited to submit bids.
27
Fill in the blank: In a negotiated tender, the client negotiates directly with ________.
one or more suppliers
28
Multiple Choice: Which document outlines the requirements and conditions of a tender? A) Contract B) Tender Notice C) Bid Proposal D) Project Plan
B) Tender Notice
29
What is the role of a tender evaluation committee?
To assess and score the submitted tenders based on predetermined criteria.
30
True or False: All tenders must be publicly advertised.
False
31
What does 'bid submission deadline' refer to?
The final date and time by which all bids must be submitted.
32
Fill in the blank: A ________ is a document that describes the project and invites bids.
tender document
33
Multiple Choice: Which of the following is a benefit of using a tendering process? A) Increased costs B) Limited competition C) Transparency D) None of the above
C) Transparency
34
What is a request for proposal (RFP)?
A document that solicits proposals from potential suppliers or contractors.
35
True or False: Tenders are only used in the construction industry.
False
36
What is the significance of the tender opening process?
It ensures transparency and fairness in the submission and evaluation of bids.
37
Fill in the blank: The ________ is the party that issues the tender and seeks bids.
client
38
Multiple Choice: Which of the following is NOT a reason to issue a tender? A) To obtain competitive pricing B) To ensure project quality C) To avoid legal issues D) To reward a specific supplier
D) To reward a specific supplier
39
What is a tender award?
The decision to select a particular bid for contract execution.
40
True or False: Once a tender is awarded, the process is complete.
False
41
What is the purpose of a tender bond?
To ensure that the bidder will honor their bid and contract if awarded.
42
Fill in the blank: The ________ is a detailed proposal submitted by a bidder in response to a tender invitation.
bid
43
Multiple Choice: Which of the following is often a requirement for tender eligibility? A) Previous experience B) A specific license C) Financial stability D) All of the above
D) All of the above
44
What does 'scope of work' refer to in a tender?
The detailed description of the work to be performed under the contract.
45
True or False: Tender documents can be modified after submission.
False
46
What is the function of a clarification meeting in the tender process?
To address questions and clarify details regarding the tender before submission.
47
Fill in the blank: A ________ is a document that states the terms and conditions of the contract once a tender is awarded.
contract agreement
48
Multiple Choice: Which type of tender is characterized by the client directly negotiating with suppliers? A) Open tender B) Selective tender C) Negotiated tender D) Closed tender
C) Negotiated tender
49
What does the term 'competitive bidding' mean?
A process where multiple suppliers submit bids to win a contract based on price and quality.
50
True or False: Tender evaluation is solely based on the lowest price.
False
51
What is an invitation to tender (ITT)?
A formal request for suppliers to submit their bids for a project.
52
Fill in the blank: The ________ is responsible for ensuring that the tender process adheres to legal and regulatory requirements.
procurement officer
53
Multiple Choice: Which of the following is a common criterion for evaluating tenders? A) Price B) Delivery time C) Quality of materials D) All of the above
D) All of the above
54
What is the importance of the tender timeline?
It outlines key dates for submission, evaluation, and award to keep the process on schedule.
55
True or False: A tender can be awarded to multiple suppliers.
True
56
What is a tender submission checklist?
A list of required documents and information that bidders must include with their tender.
57
Fill in the blank: Tender ________ refers to the process of analyzing and scoring bids.
evaluation
58
Multiple Choice: Which of the following is NOT a common type of tender? A) Open B) Closed C) Direct D) Selective
C) Direct
59
What does 'bidder's conference' entail?
A meeting where potential bidders can ask questions about the tender before submitting their bids.
60
True or False: The tender process can be influenced by political factors.
True
61
What is the role of the project manager in the tender process?
To oversee the project and ensure that the tender aligns with project goals.
62
Fill in the blank: To participate in a tender, a supplier must submit a ________ that meets the requirements outlined in the tender document.
bid
63
Multiple Choice: Which of the following is a disadvantage of the tendering process? A) Lengthy process B) Increased competition C) Higher quality outcomes D) Improved transparency
A) Lengthy process
64
What is the purpose of a bid security?
To provide assurance that the bidder will enter into a contract if selected.
65
True or False: A tender can be canceled after bids have been submitted.
True
66
What is the significance of the tender submission format?
It ensures consistency and allows for easier comparison of bids.
67
Fill in the blank: The ________ is the person or organization that bids on a tender.
bidder
68
Multiple Choice: Which of the following is a key factor in tender evaluation? A) Bid price B) Supplier reputation C) Technical capability D) All of the above
D) All of the above
69
What does the term 'contract negotiation' refer to in the context of tendering?
The process of discussing and finalizing the terms of the contract with the selected bidder.
70
True or False: A tender may include penalties for non-compliance.
True
71
What is the role of the legal team in the tender process?
To review tender documents and contracts to ensure compliance with laws and regulations.
72
Fill in the blank: A tender is typically awarded based on the ________ that best meets the evaluation criteria.
bid
73
Multiple Choice: Which document is often the first step in the tendering process? A) Contract B) Tender Notice C) Bid Proposal D) Scope of Work
B) Tender Notice
74
What is a 'no-bid' response?
A formal indication from a potential bidder that they will not submit a bid for the tender.
75
True or False: Bidders can change their bids after submission.
False
76
What does 'due diligence' refer to in the context of tendering?
The process of investigating and verifying the qualifications and capabilities of bidders.
77
Fill in the blank: An ________ is a formal request for detailed proposals from suppliers.
RFP (Request for Proposal)
78
Multiple Choice: What is typically the last step in the tendering process? A) Contract signing B) Bid submission C) Tender evaluation D) Project commencement
A) Contract signing
79
What is the purpose of a 'tender review'?
To assess the effectiveness and efficiency of the tendering process after completion.
80
True or False: All tenders must comply with international standards.
False
81
What is a 'tender notice'?
A public announcement inviting bids for a project or service.
82
Fill in the blank: The ________ outlines the criteria for assessing the suitability of bidders.
evaluation matrix
83
Multiple Choice: Which of the following best describes a 'restricted tender'? A) Open to all B) Limited to selected suppliers C) Negotiated with one supplier D) No formal requirements
B) Limited to selected suppliers
84
What is the importance of transparency in the tender process?
It builds trust and ensures fairness among all participants.
85
True or False: The lowest bid is always selected in a tender process.
False
86
What does the term 'contract performance' refer to?
The execution of the contract terms by the awarded supplier.
87
Fill in the blank: A ________ outlines the rights and obligations of both parties involved in a tender.
contract
88
Multiple Choice: Which of the following is a common reason for disqualifying a tender? A) Late submission B) Non-compliance with requirements C) Lack of supporting documents D) All of the above
D) All of the above
89
What is the role of technology in the tender process?
To streamline submissions, evaluations, and communications.
90
True or False: A tender can be awarded based on subjective criteria.
False
91
What is a 'letter of intent' in the context of tendering?
A document expressing the client's intention to award a contract to a specific bidder.
92
Fill in the blank: The ________ is the final decision-maker in the tender award process.
client or procurement officer
93
Multiple Choice: Which of the following is an essential part of the tender evaluation process? A) Scoring B) Ranking C) Justification D) All of the above
D) All of the above
94
What does the term 'contractual obligations' refer to?
The duties and responsibilities that each party must fulfill under the contract.
95
True or False: The tendering process can vary based on the industry and project type.
True
96
What is a 'post-tender review'?
An evaluation conducted after the tender process to assess its effectiveness and outcomes.
