Woolpert Risk Awareness Program - Module 3
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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.
- 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
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