Preview Questions Contract Counsel | Role Specific Skill

Question 1: What is the purpose of "corporate governance codes"?

Which action should you take?

Choose only one option

To standardize the incorporation process

To define the profit-sharing structure for shareholders

To provide guidelines for the ethical and responsible management of a corporation

To outline the procedures for corporate dissolution

Question 2: What is the role of "reframing" in a contract negotiation?

Which action should you take?

Choose only one option

To keep the discussion focused on legal precedents

To introduce new terms that are outside of the original scope

To reject all terms that the other party offers

To present the issues in a new way that can facilitate agreement

Question 3: How should a Contract Counsel address the creation of a new class of shares with different voting rights in a company?

Which action should you take?

Choose only one option

By focusing solely on the financial impact and disregarding shareholder rights

By adopting this strategy to circumvent shareholder influence over corporate decisions

By allowing the creation of the new shares without considering shareholder approval

By ensuring that the creation of the new class complies with corporate governance laws and the company's articles of incorporation

Question 4: When drafting a contract, what is the purpose of using "boilerplate" clauses?

Which action should you take?

Choose only one option

To outline specific performance terms for each party

To provide standardized provisions that are typically included in many contracts

To limit the scope of dispute resolution

To define financial responsibilities only

Question 5: How can a Contract Counsel mitigate the risk of overcommitting during negotiations?

Which action should you take?

Choose only one option

By agreeing to terms that seem fair without considering the long-term implications

By focusing on the firm's immediate needs and ignoring broader contract terms

By continually conceding to maintain goodwill and speed up the negotiation

By establishing clear limits on concessions and using objective standards to guide decision-making

Question 6: What is the first step in reviewing a contract to ensure its legal compliance?

Which action should you take?

Choose only one option

Check if the contract is executed by authorized individuals only

Focus solely on the financial terms and liabilities in the contract

Ensure that the contract is signed and does not require further review

Review the terms and conditions of the contract and compare them against applicable laws and regulations