CON 3900 – CONTRACT PRINCIPLES QUESTIONS AND
CORRECT ANSWERS LATEST VERSION
_______ __________ possess the power to establish, manage, or end contracts
as well as make associated decisions and conclusions. Contracting officers are
only able to bind the government to the extent that they have been given
authority.
Officers in charge of contracts
Identify the two categories of authority: apparent authority and actual authority.
_____ ________ Verbal or written explicit language establishes authority. It
should be mentioned that, although it can occasionally be more challenging to
prove, spoken language is typically just as legally binding as written language.
Demonstrate Real Authority
_______ ___ Generally speaking, authority is described as the ability to carry
out actions that are normal, customary, and required to complete the task.
Implied Real Power
when someone has no real power to bind the government, yet based on that
person's actions, one could fairly assume that person has the authority to act on
behalf of the government.
Evident Power
, Unless otherwise specified, each authority is delegable, according to the FAR
Conventions mentioned at FAR 1.108(b), which also offer advice for
interpreting the FAR.
Authority delegation
Which authority is accepted by the courts and has legal force behind
government contracts?
Real Power
According to FAR 2.101, __________ is a legally enforceable agreement that
requires the buyer to pay for the seller's provision of materials or services,
including building.
Agreement
Identify the four key components of a contract.
Capacity
Assent from both parties
Taking into account
Reasonable intent
The ability of an individual to enter into a legally binding contract is referred to
as _______. A party must be able to comprehend and value the terms of the
contract in order to be legally bound by them.
Capacity
_______ _________, also referred to as a meeting of the minds, indicates that
the parties to a contract must agree on the specifics of the transaction and that
each side either makes a commitment or starts or performs.
Assent from both parties
In exchange for making an offer, a promisee (the offeree) gives a promisor (the
offeror) something of value, known as __________. It is the main motivation
for a party's desire to sign a contract.
CORRECT ANSWERS LATEST VERSION
_______ __________ possess the power to establish, manage, or end contracts
as well as make associated decisions and conclusions. Contracting officers are
only able to bind the government to the extent that they have been given
authority.
Officers in charge of contracts
Identify the two categories of authority: apparent authority and actual authority.
_____ ________ Verbal or written explicit language establishes authority. It
should be mentioned that, although it can occasionally be more challenging to
prove, spoken language is typically just as legally binding as written language.
Demonstrate Real Authority
_______ ___ Generally speaking, authority is described as the ability to carry
out actions that are normal, customary, and required to complete the task.
Implied Real Power
when someone has no real power to bind the government, yet based on that
person's actions, one could fairly assume that person has the authority to act on
behalf of the government.
Evident Power
, Unless otherwise specified, each authority is delegable, according to the FAR
Conventions mentioned at FAR 1.108(b), which also offer advice for
interpreting the FAR.
Authority delegation
Which authority is accepted by the courts and has legal force behind
government contracts?
Real Power
According to FAR 2.101, __________ is a legally enforceable agreement that
requires the buyer to pay for the seller's provision of materials or services,
including building.
Agreement
Identify the four key components of a contract.
Capacity
Assent from both parties
Taking into account
Reasonable intent
The ability of an individual to enter into a legally binding contract is referred to
as _______. A party must be able to comprehend and value the terms of the
contract in order to be legally bound by them.
Capacity
_______ _________, also referred to as a meeting of the minds, indicates that
the parties to a contract must agree on the specifics of the transaction and that
each side either makes a commitment or starts or performs.
Assent from both parties
In exchange for making an offer, a promisee (the offeree) gives a promisor (the
offeror) something of value, known as __________. It is the main motivation
for a party's desire to sign a contract.
