Contract Drafting

Q.1 What is Negotiation?
Negotiation is a discussion between two or more people or parties intended to reach a beneficial outcome over one or more issues where a conflict exists with respect to at least one of these issues.
Q.2 What is the meaning of Negotiative?
The process of discussing something with someone in order to reach an agreement with them, or the discussions themselves.
Q.3 What are the 7 basic rules of negotiating?
1. Always tell the truth. 2. Use Cash when making purchases. 3. Use walk-away power. Don't get emotionally attached to the item. 4. Shut up. 5. Use the phrase: "That isn't good enough" 6. Go to the authority. 7. Use the "If I were to" technique. "
Q.4 How do you acquire negotiation skills?
1. Recognize the power of thorough preparation. 2. Take a proactive approach to negotiation training. 3. Be ready to make mistakes. 4. Practice, practice, practice. 5. Find a good negotiation coach.
Q.5 What are the seven steps to negotiating successfully?
1. Gather Background Information 2. Assess your arsenal of negotiation tactics and strategies 3. Create Your Negotiation Plan 4. Engage in the Negotiation Process 5. Closing the Negotiation 6. Conduct a Postmortem 7. Create Negotiation Archive
Q.6 What are the different types of negotiations?
1. Distributive Negotiation. 2. Integrative Negotiation. 3. Multiparty Negotiation. 4. Team Negotiation. 5. Positional Negotiation.
Q.7 What is Distributive negotiation?
Distributive negotiation is when two parties bargain over a single product or issue, such as price. For example, negotiating with a dealer over the price of a second-hand vehicle or bargaining with a street vendor.
Q.8 Explain Integrative Negotiation?
Integrative negotiation is the type of negotiation where there is more than one issue that has to be put through the negotiation process. Both parties gain something from the negotiation. An integrative negotiation process ensures a win-win situation.
Q.9 Explain the multiparty negotiation process?
The multiparty negotiation process involves three or more parties undertaking various negotiation strategies to drive home their points.
Q.10 What is Team Negotiation?
Team negotiation is a type of negotiation process that takes place between the two teams. For example, negotiation strategies between the teams of two companies that are looking to merge are called team negotiations.
Q.11 Explain Positional negotiation?
Positional negotiation is not considered very productive. Positional negotiation is when you spell out the position you are in, at the outset.
Q.12 Research is a building block of the negotiation process. Explain?
Research is a building block of the negotiation process. While preparing, identify the strengths and weaknesses of both sides, and then determine your negotiation strategies. Define the kind of interaction you want to have and the bond you intend to form with the other party.
Q.13 What does Information Exchange involves?
The information exchange involves discovering and creating value for the negotiation process.
Q.14 Is bargain the beginning of give-and-take deals? Explain?
Yes, bargain is the beginning of give-and-take deals. Each party proposes its demands and seeks to secure benefits. During the bargaining process, it is imperative to keep yourself in check.
Q.15 How will you conclude the negotiation process?
Once a solution that is acceptable to both has been reached, both parties should thank each other. They should make sure that interests have been secured and the outcome has been successful. A good summing-up and amicable closing always lead to rewarding long-term relationships.
Q.16 List some barriers that may hamper a negotiation?
1. Taking negotiations as personal battles and focusing too much on winning 2. Maintaining a know-it-all attitude and failing to ask genuine questions 3. Being hostile and thinking negatively during the negotiation process 4. Inability to grasp the problems and positions of the other party in the negotiation process 5. Entering a negotiation unprepared and uninformed f and having no credible answers for the questions asked
Q.17 How to avoid conflicts in negotiation process?
1. Avoid being provoked into an emotional response. 2. Don't abandon value-creating strategies. 3. Use time to your advantage.
Q.18 What are 5 conflict resolution strategies?
1. Avoiding the Conflict. 2. Giving In. 3. Standing your Ground. 4. Compromising. 5. Collaborating.
Q.19 What are the qualities of good negotiator?
1. preparation and planning skill. 2. knowledge of the subject matter being negotiated. 3. ability to think clearly and rapidly under pressure and uncertainty. 4. ability to express thoughts verbally. 5. listening skill. 6. judgment and general intelligence. 7. integrity. 8. ability to persuade others.
Q.20 What is BATNA?
BATNA stands for Best alternative to a negotiated agreement. It refers to the most advantageous alternative course of action a party can take if negotiations fail and an agreement cannot be reached.
Q.21 What are the common tactics of negotiation?
1. Extreme demands followed up by small, slow concessions. 2. Commitment tactics. 3. Take-it-or-leave-it negotiation strategy. 4. Inviting unreciprocated offers. 5. Trying to make you flinch. 6. Personal insults and feather ruffling. 7. Bluffing, puffing, and lying.
Q.22 What are the basic communication styles?
There are four basic communication styles: passive, aggressive, passive-aggressive and assertive.
Q.23 What is Passive communication?
People who use the passive communication style often act indifferently, yielding to others. Passive communicators usually fail to express their feelings or needs, allowing others to express themselves.
Q.24 What do you understand by aggressive communication?
The aggressive communication style is emphasized by speaking in a loud and demanding voice, maintaining intense eye contact and dominating or controlling others by blaming, intimidating, criticizing, threatening or attacking them, among other traits.
Q.25 Explain the Passive-aggressive communication?
Passive-aggressive communication style users appear passive on the surface, but within they may feel powerless or stuck, building up a resentment that leads to seething or acting out in subtle, indirect or secret ways.
Q.26 Explain assertive communication?
Assertive communicators can express their own needs, desires, ideas and feelings, while also considering the needs of others.
Q.27 What do you know about the Verbal Communication?
Verbal communication is the use of words to share information with other people. It can therefore include both spoken and written communication.
Q.28 What do you know about the Non-Verbal Communication?
Nonverbal communication (NVC) is the transmission of messages or signals through a nonverbal platform such as eye contact, facial expressions, gestures, posture, and body language.
Q.29 Give some tips to Communication Skills Development?
1. Simplify and stay on message. 2. Engage your listeners or readers. 3. Take time to respond. 4. Make sure you are understood. 5. Develop your listening skills, too. 6. Body language is important. 7. Maintain eye contact. 8. Respect your audience.
Q.30 What are the basic elements of writing?
The Elements of Effective Writing: Thesis, Main Ideas, Supporting Details, and Transitions.
Q.31 What are the key elements in written communication?
1. knowing why you are writing, i.e. the purpose of the message 2. knowing who you are writing for, i.e. your audience.
Q.32 Define Contract?
A contract is a legally binding document between at least two parties that defines and governs the rights and duties of the parties to an agreement. A contract is legally charted because it meets the requirements and approval of the law.
Q.33 What are the contract elements?
For a contract to be legally binding it must contain four essential elements: 1. an offer. 2. an acceptance. 3. an intention to create a legal relationship. 4. a consideration (usually some asset).
Q.34 Explain the Indian Contract Act, 1872?
The Indian Contract Act, 1872 prescribes the law relating to contracts in India and is the key act regulating Indian contract law. The Act is based on the principles of English Common Law. It is relevant to all the states of India. It determines the circumstances in which promises made by the parties to a contract shall be legally binding.
Q.35 In how many sections is the Indian Contract Act, 1872 divided?
The Act as enacted originally had 266 Sections: 1. General Principles of Law of Contract – Sections 01 to 75 2. Contract relating to Sale of Goods – Sections 76 to 123 3. Special Contracts- Indemnity, Guarantee, Bailment & Pledge and Agency – Sections 124 to 238 4. Contracts relating to Partnership – Sections 239 to 266
Q.36 What are International contracts?
International contracts are the primary legal aid put in place for companies to control their risks when working in the global or international market.
Q.37 List the different types of International Contracts?
1. International distribution agreements 2. Intellectual property licenses 3. Investment agreements 4. International sales contracts 5. Supply agreements 6. Letters of credit 7. Franchise agreements 8. Joint venture agreements 9. Development agreements
Q.38 What is the purpose of CISG?
The major purpose of the CISG is to provide a modern, uniform and fair regime for contracts for the international sale of goods.
Q.39 What does INCOTERMS 2010 means?
Incoterms 2010 refer to the issue of transporting products from the exporter to the importer. Incoterms also include carrying products, covering the costs of transport itself, insurance costs, cost of risk transfer for the condition of products at various points in the transport process.
Q.40 What is UNCITRAL and what is its purpose?
UNCITRAL is the central legal body of the U.N,'s system in the field of international trade law. The core function of the UNCITRAL is the modernization and harmonization of rules on international business. The organization is responsible for helping to facilitate international trade and investment.
Q.41 What does offer and acceptance mean?
An offer is an open call to anyone wishing to accept the promise of the offeror and generally, is used for products and services. Acceptance occurs when an offeree agrees to be mutually bound to the terms of the contract by giving consideration.
Q.42 What are the 3 elements of a valid offer?
The three elements of valid offer are: communication, commitment and definite terms.
Q.43 What is meant by lapse of offer?
An offer lapses when the party to whom it is made fails to accept it within the time or in the manner prescribed by the offeror.
Q.44 What are the 4 requirements for a valid contract?
The complaining party must prove four elements to show that a contract existed. These elements are offer, consideration, acceptance, and mutuality.
Q.45 What makes a contract void?
A contract is voidable when one or both parties were not legally capable of entering into the agreement, such as when one party is a minor.
Q.46 What is meant by breach of contract?
A breach of contract is a violation of any of the agreed-upon terms and conditions of a binding contract.
Q.47 What are the types of breach of contract?
1. Minor or partial breach 2. Material breach 3. Fundamental breach 4. Actual breach 5. Anticipatory breach
Q.48 Define Minor or partial breach?
When one party doesn't do what the contract states he or she is supposed to do. You may be able to sue him or her, but only for “actual damages.”
Q.49 What is Contract drafting?
Drafting a contract is the act of writing the details of the contract in order to outline the obligations of both the parties to the contract in order to make them understand their legal rights and responsibilities.
Q.50 List the most important agreements for general business?
The most important agreements for general business are: Owner agreement, Worker agreement, Supplier and Customer agreement and Non-Disclosure agreement.
Get Govt. Certified Take Test