ACQ 101 Module 08 & Exam

following requirements must an offer meet? (Select all that apply) - correct answer *Be clear and unambiguous* *Have complete terms* *Be communicated* *Express intent* Select the element of contract that best fits the definition of "something of equal value must be exchanged": - correct answer *Consideration* A mutual assent is when a contract is formed by acceptance of an offer. - correct answer *True* In order to be legally bound to a contract, a party must have the capacity to understand and appreciate the terms of the contract. Which of the essential elements best fits this description? - correct answer *Competency* Select each statement that is accurate when binding a contract.(Select all that apply) - correct answer *Common law requires each party to provide consideration with a value of greater than one dollar* *A contract must be for legal purposes only in order to be binding* *The element that converts any agreement into a true contract is "intention to create legal relations"* Which of the following Government agencies are exempt from complying with the FAR? (Select all that apply) - correct answer *Federal Aviation Administration* *U.S. Mint* What are the reasons that F&O competition after exclusion of sources may be used? (Select all that apply) - correct answer *Establishing or maintaining alternate sources* *Fulfilling the SBA objectives for its Section 8(a) Program* *Setting aside work for small business concerns*