Legal English
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Module exam: Professional Legal Simulation
16 questions · pass mark 70%
1. What does "share transfer" mean?
Undisclosed debts or obligations.
Buying the company that owns the asset instead of the asset.
Statements of fact made by the seller in the contract.
2. Which term matches: "Written record of the first meeting."
intake summary
red flag
hidden liabilities
3. What is identified as a red flag?
A recent manager change
The price
The client's nationality
4. The recent change of manager is a ___ flag.
red
white
green
5. What does "retention" mean?
Part of the price held back to cover risks.
An indemnity for an identified risk.
Requirement that must be met before closing.
6. Which term matches: "A lawsuit not yet decided."
pending claim
specific indemnity
to prioritise
7. How long is the retention held?
12 months or until the claim is resolved
One week
Forever
8. Payment of the tax is a condition ___ closing.
to
at
for of
9. What does "trade-off" mean?
The final date by which conditions must be met.
Giving something to get something else.
To reduce the difference between positions.
10. Which term matches: "Time during which claims under warranties can be made."
to bridge the gap
survival period
final offer
11. How long do general representations survive?
18 months
6 months
12 months
12. Representations ___ for eighteen months.
survive
surround
service
13. What does "closing statement" mean?
A document listing all payments at closing.
Duties remaining after closing.
Final summary to the client after closing.
14. Which term matches: "The book recording quota holders of an S.R.L."
quota register
closing report
handover
15. Until when is the retention held?
25 December or resolution of the claim
Indefinitely
25 June
16. The ___ register was updated with Ms. Carter's name.
quotation
quota
quote
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