CPPB Study Guides Combined Questions and Answers All Correct

CPPB Study Guides Combined Questions and Answers All Correct A good specification should accomplish the following objectives EXCEPT: identify requirements clearly, allow for competetive bids, identify the advantages of obtaining the product or service, provide for equitable award - Answer-identify the advantages of obtaining the product or service Common law - Answer-A law that is not set forth in statutes, ordinances, or regulation, but evolved over hundreds of years is known as: Administrative law, Criminal law, Tort law, Common law informality - Answer-A minor irregularity which is merely a matter of form and not of substance is known as a: deviation, non-responsive, formality, informality protest - Answer-A written objection by an interested party to a solicitation issued by an agency for bids or proposals for a proposed contract for the procurement of goods or services is known as a: dispute, defendant, protest, plaintiff Principal - Answer-An agent is someone who acts on behalf of a: principal, government, contractor, subcontractor Basic sources for law within the federal government is/are: Common Law, Statutes, Uniform Commercial Code, Model Procurement Code - Answer-Statutes Contract law is an example of: civil law, criminal law, contract law, common law - Answer-Civil law If the court decides that the parties intend that an agreement to be final and complete, what rule prevents one of the parties from raising and debating the terms of the agreement: A. Rule of reaso, B. Plain meaning rule, C. Parole evidence, D. Tort law - Answer-Parole evidence It is better to use a lump sum contract when the Scope of Work is well defined because: A. the application method places all risks on the contractor, B. bidding process is less competitive, C. lump sum bid is set higher to offset unknown risks, D. risk to contractor is small - Answer-D risk to contractor is small Most operating leases are: A. used to obtain financial leverage and longer term benefits, B. long term for a fixed period of time, C. full payout and partial payout financial leases, D. short term for a fixed period of time - Answer- For how long are patent laws designed to protect the original inventors rights in a product of process? - Answer-20 years What are the advantages of leasing to the buying organization? - Answer-risk of obsolescence can be minimized, equipment can be made available on a short-term basis, maintenance problems can be reduced The advantages of electronic catalogs include: - Answer-A. marketing and sales costs are sharply reduced, B. orders can be entered into fulfillment systems automatically, C. invoicing and receivables costs are reduced through consolidation The appropriate words that should be utilized in contracts to indicate statements of obligation concernig things that the vendors has promised to do in the future is: A. will, B. shall, C. obligated, D. should - Answer-B shall