Wipro Interview Questions and Answers

Contract management refers to the process of creating, executing, and monitoring contracts to ensure compliance and mitigate risks.

• Involves drafting and negotiating contracts

• Ensuring compliance with contractual obligations

• Monitoring contract performance and making necessary adjustments

• Managing contract-related risks and disputes

• May involve the use of contract management software

• Examples include procurement contracts, employment contracts, and service agreements

A contract can be terminated through mutual agreement, breach, frustration, or operation of law.

• Termination by mutual agreement requires both parties to agree to end the contract.

• Termination by breach occurs when one party fails to fulfill their obligations under the contract.

• Termination by frustration occurs when unforeseen events make it impossible to fulfill the contract.

• Termination by operation of law occurs when a change in law makes the contract illegal or impossible to...read more

Essential elements of a contract include offer, acceptance, consideration, capacity, and legality.

• Offer: a proposal made by one party to another

• Acceptance: agreement to the terms of the offer

• Consideration: something of value exchanged between the parties

• Capacity: legal ability to enter into a contract

• Legality: the contract must not violate any laws or public policy

Limitation Act is a law that sets a time limit for filing a legal claim.

• Limitation Act applies to civil cases and sets a time limit for filing a claim.

• The time limit varies depending on the type of claim and the jurisdiction.

• For example, in India, the Limitation Act sets a time limit of 3 years for filing a claim for breach of contract.

• If the time limit expires, the claimant loses the right to file the claim.

• The purpose of the Limitation Act is to ensure that legal disputes a...read more

A valid contract is a legally binding agreement between two or more parties that meets certain requirements.

• It must have an offer and acceptance

• There must be consideration exchanged

• The parties must have legal capacity to enter into the contract

• The terms of the contract must be clear and definite

• The contract must not be against public policy or illegal

• Examples include employment contracts, rental agreements, and sales contracts

Limitation liability refers to the legal concept that limits the amount of damages a party can be held liable for.

• It sets a maximum amount of damages that can be awarded in a lawsuit.

• It is often included in contracts to protect parties from excessive damages.

• It can vary depending on the type of case and jurisdiction.

• For example, in some states, there may be a cap on the amount of damages that can be awarded in medical malpractice cases.

• Limitation liability can also apply to p...read more

MSA agreements are contracts between two parties that outline the terms and conditions of a long-term business relationship.

• MSA stands for Master Service Agreement

• It is a legal document that establishes the terms and conditions of a long-term business relationship between two parties

• It outlines the scope of work, payment terms, intellectual property rights, confidentiality, and other important details

• MSA agreements are commonly used in industries such as IT, construction, and...read more