CON Exam 3 with all Correct & 100% Verified Answers |
Actual Complete Exam| Already Graded A+
Know the 6 essential elements of a contract? ✔Correct Answer-1. Mutual Assent: (Valid Offer &
Acceptance "Meeting of the Minds").
2. Consideration (Each party receives something of value)
3. Capacity (Competence & Authority).
4. Lawful Purpose(Obey the FAR & Statutes, Anti Deficiency)
5. Certainty of Terms (Clear terms)
6. Form provided by law (Written, Oral, Implied through conduct)
What type of authority does a KO have? ✔Correct Answer-Express Authority
What is an unauthorized commitment? ✔Correct Answer--An unauthorized commitment is an
agreement that is not binding solely because the Government representative who made it lacked the
authority to enter into that agreement on behalf of the Government.
-Must be "ratified"
-What is ratification? The act of approving an unauthorized commitments by an official who has the
authority to do so.
What is a ratification? ✔Correct Answer-The authority to ratify may be exercised only when-
-Supplies or services have been provided to and accepted by the Government, or the Government
otherwise has obtained a benefit resulting from performance of the unauthorized commitment;
-The ratifying official has the authority to enter into a contractual commitment;
Does the government recognize apparent authority? ✔Correct Answer--No, Apparent authority not
recognized in Government
-Describes a situation in which a principal leads a third party to believe that an agent has authority to
bind the principal, even where the agent lacks the actual authority to bind the principal
Mutual Assent ✔Correct Answer-Meeting of the Minds
Consideration ✔Correct Answer-Each party receives something of value and gives something of
value
Must be Mutual:
-In a bilateral contract each party exchanges a promise for a promise
- You can't piggy back on a previous contract and call it
new consideration for the current contract. Must be new.
Capacity ✔Correct Answer-- In order to be legally bound to a contract, a party must have the
capacity to understand and appreciate the terms of the contract
-Right to legally contract which includes
, 1. Age and mental capacity
Lawful Purpose ✔Correct Answer--An Illegal contract WILL NOT BE ENFORCED! Duh...
-Contracts cannot conflict with public welfare or violate the law
-Contracts which violate a statute will not be enforced.
Example: Requirement for a generator that does not met
state emission requirements.
Certainty of Terms ✔Correct Answer-The contract terms must be unambiguous.
Terms that MUST be clear and include the following:
1. Price.
2. Delivery schedule.
3. Quantity.
4. PWS/SOW
Form Provided By Law ✔Correct Answer--Some forms are provided by law or statute
-Contracts are written, oral, or implied
Types of Contracting Authority ✔Correct Answer--Express
-Implied
-Apparent
Express Authority ✔Correct Answer--Contracting Officer authority through formal appointment
-Authority is limited
-Appointed on an SF 1402 (warrant)
-May delegate some duties
Know the definition of Solicitation ✔Correct Answer-A document sent to prospective contractors
by a Government agency, requesting the submission of offers or information.
Why do we publicize requirements? ✔Correct Answer-
You are required to put 3 provisions and 3 clauses in solicitations for commercial items.
True or False ✔Correct Answer-False
2 provisions and 2 clauses
What if I make a mistake on the Solicitation? ✔Correct Answer-Changes are called Amendments
Types of solicitations ✔Correct Answer-Requests for Quotations (RFQs) - FAR 13
Invitation for Bids (IFBs) - FAR 14
Requests for Proposals (RFPs) - FAR 15
Actual Complete Exam| Already Graded A+
Know the 6 essential elements of a contract? ✔Correct Answer-1. Mutual Assent: (Valid Offer &
Acceptance "Meeting of the Minds").
2. Consideration (Each party receives something of value)
3. Capacity (Competence & Authority).
4. Lawful Purpose(Obey the FAR & Statutes, Anti Deficiency)
5. Certainty of Terms (Clear terms)
6. Form provided by law (Written, Oral, Implied through conduct)
What type of authority does a KO have? ✔Correct Answer-Express Authority
What is an unauthorized commitment? ✔Correct Answer--An unauthorized commitment is an
agreement that is not binding solely because the Government representative who made it lacked the
authority to enter into that agreement on behalf of the Government.
-Must be "ratified"
-What is ratification? The act of approving an unauthorized commitments by an official who has the
authority to do so.
What is a ratification? ✔Correct Answer-The authority to ratify may be exercised only when-
-Supplies or services have been provided to and accepted by the Government, or the Government
otherwise has obtained a benefit resulting from performance of the unauthorized commitment;
-The ratifying official has the authority to enter into a contractual commitment;
Does the government recognize apparent authority? ✔Correct Answer--No, Apparent authority not
recognized in Government
-Describes a situation in which a principal leads a third party to believe that an agent has authority to
bind the principal, even where the agent lacks the actual authority to bind the principal
Mutual Assent ✔Correct Answer-Meeting of the Minds
Consideration ✔Correct Answer-Each party receives something of value and gives something of
value
Must be Mutual:
-In a bilateral contract each party exchanges a promise for a promise
- You can't piggy back on a previous contract and call it
new consideration for the current contract. Must be new.
Capacity ✔Correct Answer-- In order to be legally bound to a contract, a party must have the
capacity to understand and appreciate the terms of the contract
-Right to legally contract which includes
, 1. Age and mental capacity
Lawful Purpose ✔Correct Answer--An Illegal contract WILL NOT BE ENFORCED! Duh...
-Contracts cannot conflict with public welfare or violate the law
-Contracts which violate a statute will not be enforced.
Example: Requirement for a generator that does not met
state emission requirements.
Certainty of Terms ✔Correct Answer-The contract terms must be unambiguous.
Terms that MUST be clear and include the following:
1. Price.
2. Delivery schedule.
3. Quantity.
4. PWS/SOW
Form Provided By Law ✔Correct Answer--Some forms are provided by law or statute
-Contracts are written, oral, or implied
Types of Contracting Authority ✔Correct Answer--Express
-Implied
-Apparent
Express Authority ✔Correct Answer--Contracting Officer authority through formal appointment
-Authority is limited
-Appointed on an SF 1402 (warrant)
-May delegate some duties
Know the definition of Solicitation ✔Correct Answer-A document sent to prospective contractors
by a Government agency, requesting the submission of offers or information.
Why do we publicize requirements? ✔Correct Answer-
You are required to put 3 provisions and 3 clauses in solicitations for commercial items.
True or False ✔Correct Answer-False
2 provisions and 2 clauses
What if I make a mistake on the Solicitation? ✔Correct Answer-Changes are called Amendments
Types of solicitations ✔Correct Answer-Requests for Quotations (RFQs) - FAR 13
Invitation for Bids (IFBs) - FAR 14
Requests for Proposals (RFPs) - FAR 15
