ACQ 101 Module 8 Contract Management Questions and Answers Already Passed

What is a contract? legal instrument that defines the relationship between the government and a contractor, acquisition of property, supplies, or services for the direct benefit of the government. What are the elements of a contract? mutual assent; consideration; competency; lawful purpose; certainty of terms; form provide by law What is mutual assent? offer and acceptance; express intent, communicated, complete terms, clear and unambiguous What is consideration? a bargain or exchange; each party receives something of value or gives something of value; promise to perform; promise in return for performance; sufficiency & adequacy greater than $1 What is competency? the parties must have capacity to understand the terms, not a minor, intoxicated, incompetent What is lawful purpose? not against the law