CCCM EXAM ALL ANSWERS CORRECT

CCCM EXAM ALL ANSWERS CORRECT 1. CCCM: - Certified Commercial Contracts Manager. ️ 2. Bilateral Contract: - A contract involving two parties where mutual promises are exchanged; typically a purchase contract. ️ 3. Unilateral Contract: - A contract where one party makes a promise, and the second party's performance fulfills that promise. ️ - Binding Condition: Becomes binding when the second party performs. ️ 4. Express Contract: - A contract that is oral or written, manifested through specific words. ️ 5. Implied Contract: - A contract that is inferred from conduct alone, without explicit written or spoken terms. ️ 6. Aleatory Contract: - A contract where performance by one party is contingent upon the occurrence of an uncertain future event. ️ - Example: An insurance contract. ️ 7. Implied-in-Law Contract (Quasi Contract): - A contractual obligation imposed by law to prevent unjust enrichment, even if no actual contract exists. ️ 8. Adhesion Contract: - A contract that is highly restrictive on one side, often resulting in terms that are not negotiated. A court may not enforce it if it's not truly voluntary or is possibly coerced. ️ 9. Divisible Contract: - A severable contract that contains two or more distinct components which can be separately performed. ️ 10. Severable Contract: - Another term for a divisible contract. ️ 11. Installment Contract: - A contract where obligations are performed in increments over a defined time period. ️ - Under the UCC, separate shipments must be separately accepted in this type of contract. ️ - The UCC views each delivery as an independent contract in an installment contract. ️ 12. Tangible Goods: - Items classified as chattels, merchandise, personal property, or commodities that are legal and offered for sale. ️ - Components: Must be legal and offered for sale. ️ 13. Moveable Personal Property vs. Commodities: - Moveable Personal Property: Referred to as chattels. - Commodities: These can be chattels but may also refer to items like gold or livestock that possess a valuable interest in commercial markets. ️ 14. Chattels or Commodities: - Valuable Interest: Only commodities can have a valuable interest. ️ 15. Fair Market Value: - Determined by three key factors: 1. A willing buyer and a willing seller. 2. The value is assessed at the time of the transaction. 3. Both parties are under no compulsion to buy or sell. ️ 16. Fixture: - An object that is permanently attached to real estate. ️ 17. Trade Fixture: - A special type of object used by commercial tenants in their trade. ️ 18. Assignment: - The transfer of rights from one party to another (assignor to assignee). ️ 19. Responsibility in Assignment: - If the assignee fails to fulfill their responsibilities, the assignor is typically responsible. ️ Novation ️Substitution of new contract. Original party has a 'Release' What constitutes a 'valid release'? ️A valid release has all the essential elements of a contract. Accord and satisfaction ️Refers to settlement or compromise of a dispute through the rendering of a different kind of performance Refers to settlement or compromise of a dispute through the rendering of a different kind of performance ️Accord and Satisfaction Liens ️Adverse claims made against property Could be collateral or legal interest created for non payment of debt. 'As is' ️Seller does not warrant the authenticity or condition. Seller can make no other comments about the item that could be perceived as promises Valid contract if PO only? Two requirements ️Provided PO has T&C and is 2) in response to a quote or tender. UCC $$$ limit for oral contract? ️Less than $500 A written contract embodies the entire agreement and that document is the sole repository of the agreement ️Parole evidence rule Entity that preforms the work or provides products and supplies ️Contractor Requirements of acquisition planning ️Whether to procure (make or buy)