Documentation & Legal Requirements Flashcards
7 cards from real CCM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Documentation & Legal Requirements flashcards as text
Under the Foreign Corrupt Practices Act (FCPA), U.S. companies are prohibited from:
Answer: Paying bribes to foreign government officials to obtain business
The FCPA prohibits U.S. companies and individuals from bribing foreign government officials to obtain or retain business advantages.
What document records all changes, approvals, and decisions made during a commercial contract's lifecycle?
Answer: Contract Administration Log
A Contract Administration Log tracks all correspondence, changes, approvals, and decisions throughout the contract's lifecycle for audit and compliance purposes.
A 'limitation of liability' clause in a commercial contract typically:
Answer: Caps the maximum financial exposure a party bears for breaches or damages
A limitation of liability clause sets a maximum cap on damages one party can recover from the other, often tied to contract value or a fixed amount.
In procurement documentation, what is the purpose of a 'request for information' (RFI)?
Answer: To gather market information and vendor capabilities before issuing a formal solicitation
An RFI is used to collect information about supplier capabilities, market conditions, and available solutions before drafting formal procurement requirements.
What legal principle requires that contract terms be interpreted against the party that drafted them when ambiguity exists?
Answer: Contra Proferentem
Contra proferentem is a legal doctrine that resolves ambiguous contract terms against the drafter, incentivizing clear and precise contract drafting.
Which of the following is a key requirement for a valid electronic signature under the U.S. E-SIGN Act?
Answer: The signer must have intent to sign and consent to use electronic means
Under the E-SIGN Act, a valid electronic signature requires the signer's intent to sign and agreement to conduct the transaction electronically.
In a commercial lease agreement, a 'subordination, non-disturbance, and attornment' (SNDA) clause protects:
Answer: The tenant's right to remain in possession if the property is foreclosed upon
An SNDA agreement protects the tenant by ensuring their lease remains valid and they can stay in the property even if the landlord's lender forecloses.