Bids & Contracts (CMCA Test
Preparation)
TRUE correct answersTRUE OR FALSE:
A contract is an agreement between two or more parties, enforceable by
law, by which each party promises to do, or not do, something.
d. retirement plan contributions correct answersWhen deciding whether
to have staff members or a contractor perform a task, a manager should
consider each of the following EXCEPT:
a. supervision
b. expertise
c. number of people
d. retirement plan contributions
TRUE correct answersTRUE OR FALSE:
When deciding whether to have staff members or a contractor perform a
task, a manager should consider where tools, equipment and supplies will
be stored -- and the liability involved.
1. b - Also known as request for proposal (RFP).
2. e
3. d
4. a
5. c correct answersMATCH:
1.An announcement that an organization is interested in receiving
proposals for a particular project.
2. Failure of either party to fulfill the terms of the contract.
3.An agreement between two or more parties -- enforceable by law -- by
which each party promises to do, or not to do, something.
4.This states that neither party may assign its obligations under the
contract to any other person without the express written consent of the
other party.
, 5.Detailed instructions about the products or services requested
through the bid request. All contract terms should be included in the
bid request.
a. assignability provision
b. bid request
c. bid specifications
d. contract
e. default
d. entire obligation provision correct answersThis states that the written,
signed contract constitutes the entire agreement between the parties.
a. progress payments
b. governing law
c. severability provision
d. entire obligation provision
e.modification provision correct answersThis states that the contract
may not be modified in any way unless such modification is written and
signed by both parties.
f. modification provision
g. waiver of lien
h. qualifications sheet
i. request for proposal (RFP)
c. payment bond correct answersThe comes in a package with the
performance bond. The surety guarantees that the contractor's suppliers
and any subcontractors will be paid if the contractor does not pay them.
j. Prospective bidder's questionnaire
k. performance bond
l. payment bond
m.warranty
n. waiver provision
b. governing law provision correct answersThis states that the law of a
particular state will be applied if there are any disputes about the contract
after it is signed. This is particularly useful when the community
association and the contractor are based in different states.
o. progress payments
p. governing law provision
q. severability provision
r. entire obligation provision
Preparation)
TRUE correct answersTRUE OR FALSE:
A contract is an agreement between two or more parties, enforceable by
law, by which each party promises to do, or not do, something.
d. retirement plan contributions correct answersWhen deciding whether
to have staff members or a contractor perform a task, a manager should
consider each of the following EXCEPT:
a. supervision
b. expertise
c. number of people
d. retirement plan contributions
TRUE correct answersTRUE OR FALSE:
When deciding whether to have staff members or a contractor perform a
task, a manager should consider where tools, equipment and supplies will
be stored -- and the liability involved.
1. b - Also known as request for proposal (RFP).
2. e
3. d
4. a
5. c correct answersMATCH:
1.An announcement that an organization is interested in receiving
proposals for a particular project.
2. Failure of either party to fulfill the terms of the contract.
3.An agreement between two or more parties -- enforceable by law -- by
which each party promises to do, or not to do, something.
4.This states that neither party may assign its obligations under the
contract to any other person without the express written consent of the
other party.
, 5.Detailed instructions about the products or services requested
through the bid request. All contract terms should be included in the
bid request.
a. assignability provision
b. bid request
c. bid specifications
d. contract
e. default
d. entire obligation provision correct answersThis states that the written,
signed contract constitutes the entire agreement between the parties.
a. progress payments
b. governing law
c. severability provision
d. entire obligation provision
e.modification provision correct answersThis states that the contract
may not be modified in any way unless such modification is written and
signed by both parties.
f. modification provision
g. waiver of lien
h. qualifications sheet
i. request for proposal (RFP)
c. payment bond correct answersThe comes in a package with the
performance bond. The surety guarantees that the contractor's suppliers
and any subcontractors will be paid if the contractor does not pay them.
j. Prospective bidder's questionnaire
k. performance bond
l. payment bond
m.warranty
n. waiver provision
b. governing law provision correct answersThis states that the law of a
particular state will be applied if there are any disputes about the contract
after it is signed. This is particularly useful when the community
association and the contractor are based in different states.
o. progress payments
p. governing law provision
q. severability provision
r. entire obligation provision
