CON 3990 Exam | 100% Correctly
Answered and Graded A+ | Latest
2024/2025
Four elements of a contract
- Correct Answer -capacity
mutual assent
Consideration
lawful purpose
Implied Authority
- Correct Answer -Authority that is not expressed or written into
the contract, but which the agent is assumed to have in order to
transact the business for the principal.
specified authority
- Correct Answer -Those very specific tasks that are outlined in
the contract.
,Express Authority
- Correct Answer -The authority contained in your warrant. Who
you are, what agency you work for, and how much you are able to
obligate the government for.
Actual authority
- Correct Answer -The authority act on behalf of an agent. The
COR is a good example of actual authority. It is given by the KO,
but very narrow in scope.
Profit
- Correct Answer -A driver and motivator for a contractor.
Who has the capacity to contract?
- Correct Answer -Of age, of sound mind, have the capacity to
contract and understand the obligations, terms and conditions of
the contract. Cannot have diminished capacity due to drugs or
alcohol.
Market Research
,- Correct Answer -(FAR Part 10)
Commercial Items - Correct Answer -A type of product customarily
used by the general public.
What type(s) of contracts can be awarded when acquiring
commercial items of supply?
- Correct Answer -Only firm-fixed-price contracts or fixed-price
contracts with economic price adjustment
Feedback: See FAR 12.207(a)
Does the Government's policy to require prime contractors to
incorporate, to the maximum extent practicable, commercial items
or non-developmental items as components of items supplied to
the agency, apply to subcontractors at all levels?
- Correct Answer -Yes.
Feedback: See FAR 12.101(c)
, The Government has a requirement for computer equipment. The
program office indicates that its users will have no need for
performance capabilities beyond the minimum technical
specifications stated in the purchase request. Which source
selection process would be most appropriate in this situation?
- Correct Answer -Lowest price technically acceptable
Feedback: See FAR 15.101
Which contract type shifts cost risk from the Government to the
contractor?
- Correct Answer -Fixed-price
Feedback: See FAR 16.104(d)
Which section of the uniform contract format (UCF) exists to
include negotiated, meaningful special contract requirements that
are not included in Section I, Contract clauses, or in other
sections of the UCF?
- Correct Answer -Section H
Feedback: See FAR 15.204-2
Answered and Graded A+ | Latest
2024/2025
Four elements of a contract
- Correct Answer -capacity
mutual assent
Consideration
lawful purpose
Implied Authority
- Correct Answer -Authority that is not expressed or written into
the contract, but which the agent is assumed to have in order to
transact the business for the principal.
specified authority
- Correct Answer -Those very specific tasks that are outlined in
the contract.
,Express Authority
- Correct Answer -The authority contained in your warrant. Who
you are, what agency you work for, and how much you are able to
obligate the government for.
Actual authority
- Correct Answer -The authority act on behalf of an agent. The
COR is a good example of actual authority. It is given by the KO,
but very narrow in scope.
Profit
- Correct Answer -A driver and motivator for a contractor.
Who has the capacity to contract?
- Correct Answer -Of age, of sound mind, have the capacity to
contract and understand the obligations, terms and conditions of
the contract. Cannot have diminished capacity due to drugs or
alcohol.
Market Research
,- Correct Answer -(FAR Part 10)
Commercial Items - Correct Answer -A type of product customarily
used by the general public.
What type(s) of contracts can be awarded when acquiring
commercial items of supply?
- Correct Answer -Only firm-fixed-price contracts or fixed-price
contracts with economic price adjustment
Feedback: See FAR 12.207(a)
Does the Government's policy to require prime contractors to
incorporate, to the maximum extent practicable, commercial items
or non-developmental items as components of items supplied to
the agency, apply to subcontractors at all levels?
- Correct Answer -Yes.
Feedback: See FAR 12.101(c)
, The Government has a requirement for computer equipment. The
program office indicates that its users will have no need for
performance capabilities beyond the minimum technical
specifications stated in the purchase request. Which source
selection process would be most appropriate in this situation?
- Correct Answer -Lowest price technically acceptable
Feedback: See FAR 15.101
Which contract type shifts cost risk from the Government to the
contractor?
- Correct Answer -Fixed-price
Feedback: See FAR 16.104(d)
Which section of the uniform contract format (UCF) exists to
include negotiated, meaningful special contract requirements that
are not included in Section I, Contract clauses, or in other
sections of the UCF?
- Correct Answer -Section H
Feedback: See FAR 15.204-2
