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Law CCIFP Questions and Correct
Answers/ Latest Update / Already Graded
Define exculpatory and indemnification provisions of contract
Ans: Exculpatory - Absolves a party from responsibility of their
own actions
Indemnification - To hold Harmless (risk insurance usually
resolves this)
What is Spear Doctrine - also known as Owner's Warranty
Ans: Under this doctrine the owner implicitly warrants
contractor to the fitness of plans and specifications for purpose
intended
Most common type of exculpatory clauses
Ans: Inspection, familiarity of work, no damage for delay
Five used account methods for JVs
Ans: 1. Full consolidation
2. Partial consolidation
3. Equity method
4. Expanded equity
All rights reserved © 2025/ 2026 |
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5. Cost
Doctrine of Sovereign Immunity
Ans: Contract law principle means that government cannot be
sued except for extent it has expressly consented too
What are the two types of warranties
Ans: 1. Express - Can be written or oral (such as course of
dealing) which arises from negotiations
2. Implied - No part of contract terms "caveat emptor" let the
buyer beware - Implied by law
When does a claim exist against an owner
Ans: Potential claim against owner exists when owner fails to
follow contract such as failing to pay on time or failing to give
contractor additional time for force majure
What is force majeure
Ans: Allows for excusable delay which can give a party a right
to more time or compensation or both for events beyond
control of party
All rights reserved © 2025/ 2026 |
Law CCIFP Questions and Correct
Answers/ Latest Update / Already Graded
Define exculpatory and indemnification provisions of contract
Ans: Exculpatory - Absolves a party from responsibility of their
own actions
Indemnification - To hold Harmless (risk insurance usually
resolves this)
What is Spear Doctrine - also known as Owner's Warranty
Ans: Under this doctrine the owner implicitly warrants
contractor to the fitness of plans and specifications for purpose
intended
Most common type of exculpatory clauses
Ans: Inspection, familiarity of work, no damage for delay
Five used account methods for JVs
Ans: 1. Full consolidation
2. Partial consolidation
3. Equity method
4. Expanded equity
All rights reserved © 2025/ 2026 |
, Page |2
5. Cost
Doctrine of Sovereign Immunity
Ans: Contract law principle means that government cannot be
sued except for extent it has expressly consented too
What are the two types of warranties
Ans: 1. Express - Can be written or oral (such as course of
dealing) which arises from negotiations
2. Implied - No part of contract terms "caveat emptor" let the
buyer beware - Implied by law
When does a claim exist against an owner
Ans: Potential claim against owner exists when owner fails to
follow contract such as failing to pay on time or failing to give
contractor additional time for force majure
What is force majeure
Ans: Allows for excusable delay which can give a party a right
to more time or compensation or both for events beyond
control of party
All rights reserved © 2025/ 2026 |
