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Module 1 CONTRACTS DOCUMENT
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Questions in this quiz (16)
1What are the four key phases of the life cycle of a Land Contract?
- APre-acquisition, Maintenance, Relinquishment, Tracking
- BPre-negotiations, Negotiations, Maintenance, Relinquishment
- CNegotiations, Securing the Asset, Maintaining the Asset, Tracking the Asset
- DPre-acquisition, Acquisition, Maintenance, Relinquishment
2The product of running the land economics is combined with the predicted costs provided by whom?
- AEngineering, geology and drilling staff
- BEngineering, geology and accounting staff
- CGeology, accounting and drilling staff
- AEngineering, geology and drilling staff
3The preparation of an agreement proposal involves the determination of the proposed agreement terms, drafting of the actual agreement proposal and delivery of the agreement to the other party.
- ATrue
- BFalse
4What documents are used when transferring ownership?
- ANotification of Bankruptcy
- BNotice of Assignment
- CAmalgamation Certificate
- DQuit Claim Agreements
- EAll of these selections
5Formalizing an agreement is the final drafting and execution of an agreement in its entirety.
- ATrue
- BFalse
6Why is it important to gain an understanding regarding the nature of ownership?
- ATo see if the company wants to proceed doing business with the owner based on this owner's past performance and reputation
- BTo identify if this company is a current or potential competitor in which case it may be very important to maintain confidentiality and not reveal one's hand
- CTo see who the company needs to approach to attempt to secure the land asset
- Da and b above
- Ea and c above
7What are contracts effective for doing?
- AManaging exploration risk and production development
- BGoverning the lands
- CInsuring parties abide by the law
- DCreating a mutual benefit for all parties
- EAll of these selections
- AManaging exploration risk and production development
8Which of the following is not considered an Operating payment that is required to conduct actual operations upon or within the asset?
- Aexploration for petroleum substances
- Bremoval of petroleum substances
- Cpurchase of petroleum substances
- Dprocessing of petroleum substances
- Etransportation of petroleum substances
9A Contract Analyst should be able to differentiate contract types, recognize contract essentials and identify representations and warranties in what life cycle phase?
- A Negotiations
- BMaintenance
- C Acquisition
- DRelinquishment
10Which function is not part of the Maintenance phase?
- AManage the land asset
- BComply with agreement terms
- CEvaluate the asset
- DMeet financial obligations
11What does it mean to evaluate a land asset?
- ACompile, interpret, analyze and summarize non-proprietary information
- BCompile, interpret, analyze and summarize proprietary information
- CCompile, interpret, analyze and summarize proprietary, non-proprietary and purchased information
- DCompile, interpret, analyze and summarize proprietary and non-proprietary information
- ACompile, interpret, analyze and summarize non-proprietary information
12Which one of the following would not be a value used in the calculations when applying economic formulas?
- Aexpenses
- Bvolumes
- Camount of acreage
- Aexpenses
13What phase of the life cycle deals with strategic planning and research?
- ANegotiations
- BAcquisition
- CPre-acquisition
- Dtracking
- EMaintenance
14If compliance in an agreement cannot be reached what may be required?
- AMediation
- BRe-negotiation
- CLitigation
- DArbitration
- Eall of these selections
15Formalizing an agreement is the final drafting and execution of an agreement in its entirety.
- ATrue
- BFalse
16vcs
- Asfs
- Bef
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- Quiz on Module 1 CONTRACTS DOCUMENT, created by fahimaax0_ on 30/04/2015.
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- fahimaax0_
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- English
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