QuestionarioIntermedio_Lezione 1 (Cod. 10026301)

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A contract is formed when the offer from one party meets the acceptance from the other party. These parties are called:

The party who makes the offer is the offeror, and the party who receives this offer is called the offeree.

The party who makes the offer is the offer maker, and the party who receives this offer is called the offer receiver.

During contract negotiations, a counter-offer amounts to

an acceptance of the original offer.

an acceptance of the substantial part of the offer.

a new offer.

When there is an immediate necessity to finalize an agreement, the parties can enter into a _________ to set out the basic elements of the transaction that will take place immediately and thus take the time to define the terms of collaboration over the long term.

Letter of intent;

Non-disclosure agreement;

License agreement

A letter of intent should expressly indicate the intention of the parties to stipulate the _________, which will discipline their relationships on a long-term basis.

confidentiality agreement

final contract

quote

The effects of the letter of intent will ______ without consequence when the object of the letter of intent has been exhausted.

conclude

continue

cease

The following extract is from a ____ clause. The date of this Agreement shall be the date on which it is executed by all parties or, if not executed simultaneously, the date on which both parties have a fully executed copy of the Agreement; said date shall be inserted at the top of the first page hereof.

Term of the contract

Date of the contract

Execution of the contract

The following extract is from a ____ clause. This [type of agreement] is between [name of the company] with registered office in [indicate company registration details] (’the Licensor’) and [name of the company] with a registered office in [indicate company registration details] (’the Licensee’), collectively indicated as ’the Parties’.

Parties

Recitals

Title

he following extract is from a ____ clause. WHEREAS, Licensee desires to use the Trademark, a copy of which is attached hereto as Exhibit B, in connection with the sale of Licensee’s goods; and WHEREAS, Licensor is the proprietor of the Trademark and is willing to permit such use pursuant to the terms of this Agreement, NOW, THEREFORE, in consideration of the mutual promises and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows

Parties

Recitals

Object

The aim of the Recitals section is to:

State the reasons behind the contract, those that led the parties to enter into the agreement.

Define the obligations of the parties.

Define the remedies available in case one of the parties does not comply with the terms of the agreement.

In international contracts, the terms 'Contract' and 'Agreement'

Indicate two different documents that are different at a substantive level.

Mean the exact same thing. In fact, you are strongly encouraged to use these two words together in the same document.

Have no difference at a substantive level (since the agreement between the parties is a fundamental element for a valid and effective contract) however, it is important to be consistent throughout the text.

The following extract is from a ____ clause. “Business Day” shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed.

Headings

Definitions and interpretation

Object of the contract

International contracts generally use headings whose purpose is to briefly summarise the contents of the related article. As a general rule, contract headings:

serve a substantive function and represent an integral and essential part of the contract.

serve a purely organisational function, and they do not represent an integral and essential part of the contract.

are used to give instructions as to how to interpret the intention of the parties.

The term of the contract is:

the period during which a contract is effective or, in other words, binding between the parties.

the date on which the contract will cease to have effect.

a clause regulating the possibility of one of the parties to terminate [or, in other words, to bring to an end before its natural expiration] the contract.

The following extract is from a ____ clause. During the term of this Agreement, the Licensor shall not authorize, allow or permit any other person, including the Licensor, to market the Software or to represent it anywhere in the Territory

Exclusivity

Warranty

Due diligence

The following extract is from a ____ clause. Except for Seller’s confidentiality and indemnity obligations, respectively, and except for actions or claims arising from gross negligence or intentional or willful misconduct, Seller’s total liability to Buyer shall not exceed the greater of (i) the total Consultant compensation value or (ii) the amount of recoverable insurance, regardless of whether any action or claim is based upon contract, warranty, tort (including negligence) or strict liability.

Confidentiality

Insurance

Limitation of liability

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