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Contract Law Quick Reference
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Contract Law Quick Reference
Contract Law Quick Reference
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1
Question
What do private practice lawyers do?
Answer
Work for a law firm, serving external clients on legal matters, advising on all aspects of the law.
2
Question
What do commercial lawyers do?
Answer
Advise businesses with the view to help them increase revenue from their products and services.
3
Question
What does corporate law focus on?
Answer
Advise on company directors' rights and responsibilities, board meetings, shareholders' rights, and corporate transactions.
4
Question
What do real estate lawyers look at?
Answer
Mainly at lease agreements and real estate purchase agreements, often across large commercial areas.
5
Question
What do litigation and arbitration lawyers deal with?
Answer
Dealing with the contentious side of the law, working on investigations requiring Discovery of risks and information.
6
Question
In-House Counsel
Answer
Provides their company with quality, accurate and relevant advice on the whole spectrum of legal matters that apply to the business and their services or products
7
Question
General Counsel
Answer
the chief lawyer and leader of the in-house legal department and oversees a broad role identifying company-wide legal issues
8
Question
Solicitor
Answer
a lawyer who provides expert legal advice and support to clients in offices rather than in court
9
Question
Partner
Answer
Fee-earning senior within a law firm
10
Question
Associate
Answer
Middle-level ranking within a law firm
11
Question
Trainee
Answer
Junior ranking within a law firm
12
Question
Paralegal
Answer
non-qualified ranking within a legal team, often focusing on admin and lower value tasks
13
Question
Barrister
Answer
generally provides specialist legal advice and represents individual people or organisations in courts and tribunals
14
Question
What is an obligation in a contract?
Answer
A duty or commitment in a contract that requires a party to act or refrain from acting in a certain way.
15
Question
Why does Obligation matter?
Answer
Both parties need to understand their obligations in order to meet the contracts aim.
16
Question
What risk arises from obligations within contracts?
Answer
The risk of either party being in breach without even knowing.
17
Question
What defines the 'Contracting party'?
Answer
An individual or entity that enters into a contractual agreement and is bound by its terms and conditions.
18
Question
Why is it important to contract with the correct legal entity?
Answer
Contracting with the wrong legal entity can make the contract unenforceable.
19
Question
Who is a 'Third party' in the context of contracts?
Answer
Any person or entity who is not a party to the contract but may be affected by its terms.
20
Question
What is the difference between the 'Supplier' and the 'Customer' in a contract?
Answer
The supplier provides goods or services, while the customer receives and pays for those goods or services.
21
Question
What is 'Own paper' in contract negotiations?
Answer
When one party pushes the use of their own template, as the terms it contains will be more favourable and familiar to them.
22
Question
What is GDPR?
Answer
A European Union regulation that sets guidelines for the collection and processing of personal data of individuals within the EU.
23
Question
What is an NDA?
Answer
A contract that establishes a confidential relationship between parties and outlines the information that must be kept confidential.
24
Question
What is the difference between a Unilateral NDA and a Mutual NDA?
Answer
Unilateral NDA: Only one party discloses confidential information, and the receiving party is obligated to keep it confidential. Mutual NDA: Both parties disclose confidential information.
25
Question
What is the purpose of a Master Service Agreement (MSA)?
Answer
Sets out the general terms and conditions under which services will be provided, creating a framework for multiple service agreements.
26
Question
What is the primary focus of negotiation for Terms of Service agreements?
Answer
Commercial opportunity and risk due to their standardized nature.
27
Question
What is the significance of Sale and Purchase Agreements?
Answer
Outlines the terms under which a buyer agrees to purchase, and a seller agrees to sell, a specific good, asset, or property.
28
Question
Why are leases cumbersome to manage?
Answer
Leases tend to be lengthy, making it difficult to identify and track key terms and obligations at a glance.
29
Question
What are the key negotiation points in a Data Processing Addendum (DPA)?
Answer
Data security measures, breach notification timelines, liability clauses, sub-processor approvals, and data subject rights management.
30
Question
Why are liability clauses and caps important in contracts?
Answer
They limit the amount of risk and potential financial loss each party can face, providing clear boundaries for accountability and compensation.