CON 3900 Contract Principles comprehensive Questions
and Answers with 100% Correct Answers | Latest Version
Question 1.
_______ __________ have authority to enter into, administer, or terminate contracts and
make related determinations and findings. Contracting officers may bind the Government
only to the extent of the authority delegated to them.
Correct Answer: Contracting officers
Question 2.
Name the two types of authority:
Correct Answer: Actual Authority and Apparent Authority
Question 3.
_____ ________ Authority is created by explicit language, either in writing or verbal. It
should be noted that the spoken word is generally as binding as the written word; however it
is sometimes more difficult to prove.
Correct Answer: Express Actual Authority
Question 4.
_______ _________ Authority is usually defined in general terms to include authority to do
what is usual, customary and necessary to accomplish the action.
Correct Answer: Implied Actual Authority
Question 5.
When someone reasonably believes an individual has the authority to act on behalf of the
Government, based on his or her conduct, even though that individual has no actual
authority to bind the Government.
Correct Answer: Apparent Authority
Question 6.
FAR Conventions listed at FAR 1.108(b) provides guidance for interpreting the FAR and
states that each authority is delegable unless specifically stated otherwise
Correct Answer: Delegation of authority
Question 7.
Which authority is legally binding in Government contracting and recognized by the courts?
Correct Answer: Actual Authority
, Question 8.
FAR 2.101 defines __________ as a mutually binding legal relationship obligating the seller
to furnish the supplies or services (including construction) and the buyer to pay for them.
Correct Answer: Contract
Question 9.
Name the four essential elements of a contract.
Correct Answer: Capacity Mutual assent Consideration Lawful purpose
Question 10.
_______ refers to the legal competence of a person to enter a valid contract. To be legally
bound to a contract, a party must have the capacity to understand and appreciate the terms
of the contract.
Correct Answer: Capacity
Question 11.
_______ _________ means that parties involved in a contract must come to an agreement
about the details of the transaction and each party either makes a promise or begins or
renders performance and is also known as a meeting of the minds.
Correct Answer: Mutual Assent
Question 12.
__________ is something of value that a promisor (the offeror) receives from a promisee
(the offeree) in re- turn for his or her offer. It is the primary reason a party would seek to
enter a contract.
Correct Answer: Consideration
Question 13.
A contract is unenforceable if any term of the agreement is contrary to public policy. A
contract cannot be enforced if any term of the agreement is against the law or if the
enforcement of any term of the agreement would harm the state or its citizens. What
essential element of the contract is this?
Correct Answer: Lawful Purpose
Question 14.
_______ ________ is the process used to determine if industry can support the acquisition
"needs" of the Government. It is a continuous process for gathering and analyzing
information about products and services that are available in marketplace.
Correct Answer: Market Research
and Answers with 100% Correct Answers | Latest Version
Question 1.
_______ __________ have authority to enter into, administer, or terminate contracts and
make related determinations and findings. Contracting officers may bind the Government
only to the extent of the authority delegated to them.
Correct Answer: Contracting officers
Question 2.
Name the two types of authority:
Correct Answer: Actual Authority and Apparent Authority
Question 3.
_____ ________ Authority is created by explicit language, either in writing or verbal. It
should be noted that the spoken word is generally as binding as the written word; however it
is sometimes more difficult to prove.
Correct Answer: Express Actual Authority
Question 4.
_______ _________ Authority is usually defined in general terms to include authority to do
what is usual, customary and necessary to accomplish the action.
Correct Answer: Implied Actual Authority
Question 5.
When someone reasonably believes an individual has the authority to act on behalf of the
Government, based on his or her conduct, even though that individual has no actual
authority to bind the Government.
Correct Answer: Apparent Authority
Question 6.
FAR Conventions listed at FAR 1.108(b) provides guidance for interpreting the FAR and
states that each authority is delegable unless specifically stated otherwise
Correct Answer: Delegation of authority
Question 7.
Which authority is legally binding in Government contracting and recognized by the courts?
Correct Answer: Actual Authority
, Question 8.
FAR 2.101 defines __________ as a mutually binding legal relationship obligating the seller
to furnish the supplies or services (including construction) and the buyer to pay for them.
Correct Answer: Contract
Question 9.
Name the four essential elements of a contract.
Correct Answer: Capacity Mutual assent Consideration Lawful purpose
Question 10.
_______ refers to the legal competence of a person to enter a valid contract. To be legally
bound to a contract, a party must have the capacity to understand and appreciate the terms
of the contract.
Correct Answer: Capacity
Question 11.
_______ _________ means that parties involved in a contract must come to an agreement
about the details of the transaction and each party either makes a promise or begins or
renders performance and is also known as a meeting of the minds.
Correct Answer: Mutual Assent
Question 12.
__________ is something of value that a promisor (the offeror) receives from a promisee
(the offeree) in re- turn for his or her offer. It is the primary reason a party would seek to
enter a contract.
Correct Answer: Consideration
Question 13.
A contract is unenforceable if any term of the agreement is contrary to public policy. A
contract cannot be enforced if any term of the agreement is against the law or if the
enforcement of any term of the agreement would harm the state or its citizens. What
essential element of the contract is this?
Correct Answer: Lawful Purpose
Question 14.
_______ ________ is the process used to determine if industry can support the acquisition
"needs" of the Government. It is a continuous process for gathering and analyzing
information about products and services that are available in marketplace.
Correct Answer: Market Research
