Woolpert Risk Awareness Program - Module 3

16 Questions | Total Attempts: 68

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Module Quizzes & Trivia

This quiz covers the material from Module 3. You MUST submit your name (First Name Last Name) so as to receive credit for your score.


Questions and Answers
  • 1. 
    Not having a contract or having a bad contract can cost Woolpert money in: I. Defense costs, II. Inability to bill for additional services, and/or III. Not being able to prevent scope creep. Choose an answer from the following options:
    • A. 

      II

    • B. 

      I and III

    • C. 

      II and III

    • D. 

      All of the above

  • 2. 
    True or false? You don’t need a contract to have contract liability.
    • A. 

      True

    • B. 

      False

  • 3. 
    True or false? The term warranty and guarantee are often used interchangeably.
    • A. 

      True

    • B. 

      False

  • 4. 
    True or false? Professional liability insurance covers warranties made by the consultant.
    • A. 

      True

    • B. 

      False

  • 5. 
    The legal elements of a contract are:
    • A. 

      Mutual assent and consideration

    • B. 

      Mutual assent, consideration, and no legal defenses

    • C. 

      A signed writing defining mutual assent and consideration

    • D. 

      A signed writing containing a scope of services, schedule, and fee

  • 6. 
    If party A verbally agrees with party B for party B to cut party A’s grass for $25, the parties have entered into:
    • A. 

      An express contract

    • B. 

      A written contract

    • C. 

      An implied contract

    • D. 

      A joint contract

  • 7. 
    Woolpert prefers not to use letter agreements because:
    • A. 

      They tend to be more conversational and don’t cover all relevant issues

    • B. 

      They are not legal contracts

    • C. 

      The statute of limitations begins after the letter is signed

    • D. 

      They are not insurable

  • 8. 
    True or false? A purchase order is a contract.
    • A. 

      True

    • B. 

      False

  • 9. 
    True or false? Woolpert will not work under a purchase order.
    • A. 

      True

    • B. 

      False

  • 10. 
    True or false? The Woolpert standard contracts are located on the legal intranet.
    • A. 

      True

    • B. 

      False

  • 11. 
    The Woolpert short form agreement can be used for project fees less than:
    • A. 

      $75,000

    • B. 

      $25,000

    • C. 

      $50,000

    • D. 

      $10,000

  • 12. 
    True or false? As long as an individual has contract signing authority, they can sign a contract for another service line provided the value is within their dollar limits.
    • A. 

      True

    • B. 

      False

  • 13. 
    True or false? Legal typically requires 5 to 7 days to turn around contract review comments.
    • A. 

      True

    • B. 

      False

  • 14. 
    True or false? In-House Counsel has authority to negotiate and sign contracts on behalf of the company.
    • A. 

      True

    • B. 

      False

  • 15. 
    What are the minimum contract requirements for accounting to avoid a zero fee project set up: I. Scope, II. Choice of law, III. Schedule, IV. Compensation, and/or V. Limit of liability. Choose an answer from the following options:
    • A. 

      I

    • B. 

      II and IV

    • C. 

      I, II, and IV

    • D. 

      I, III, and IV

    • E. 

      I, II, III, IV, and V

  • 16. 
    True or false? Woolpert’s professional liability insurance permits Woolpert to indemnify, defend, and hold a client harmless from claims and damages to the extent caused by the negligent acts of Woolpert.
    • A. 

      True

    • B. 

      False