CCNP Contract Law & Regulatory Compliance 2

Question 1

Under the Uniform Commercial Code (UCC), which article primarily governs the sale of goods in commercial contracts?

Accepted Answer

Article 2

Answer

UCC Article 2 governs contracts for the sale of goods, distinguishing them from service contracts governed by common law.

Question 2

A contract clause that excuses a party's performance due to an unforeseeable event beyond their control is known as a:

Accepted Answer

Force majeure clause

Answer

A force majeure clause relieves a party of liability for non-performance caused by extraordinary events outside their reasonable control.

Question 3

Which federal regulation requires government contractors to maintain an adequate cost accounting system for contracts exceeding certain thresholds?

Accepted Answer

Cost Accounting Standards (CAS)

Answer

Cost Accounting Standards (CAS) require covered contractors to disclose, follow, and consistently apply cost accounting practices on government contracts.

Question 4

In contract law, the parol evidence rule generally prevents introduction of prior oral agreements when:

Accepted Answer

The written contract is fully integrated

Answer

The parol evidence rule bars extrinsic evidence to contradict or modify a fully integrated written contract.

Question 5

A contractor who knowingly submits a false claim to the federal government may be liable under which statute?

Accepted Answer

False Claims Act

Answer

The False Claims Act imposes civil and criminal liability on those who defraud governmental programs, including treble damages and per-claim penalties.

(CCNP) Certified Contract Negotiation Professional Practice Test

(CCNP) Certified Contract Negotiation Professional Practice Test

CCNP Contract Law & Regulatory Compliance 2