Could you compare and contrast an indemnity and a liability in contract law? In what circumstances would you expect liabilities not to be limited? Some master service agreements include the phrase “best efforts”. Explain the difference between best efforts and reasonable efforts, and explain if and when best efforts might be acceptable. Similarly, we sometimes see “Time is of the Essence” in contracts. In what circumstances might it be acceptable? NDAs and contracts often have “confidential information” defined. What information would you expect to be excluded from confidentiality? What are the important points to consider when reviewing an NDA?