Contracting Final
6 essential elements of a contract. - ANS-Mutual Assent
Consideration
Capacity
Lawful Purpose
Certainty of Terms
Form Provided by Law
Mutual Assent - ANS-at least two people, meetings of the minds
o Consideration - ANS-Each party receives something of value and gives something of
value, everybody benefits, Must be mutual.
o Capacity- - ANS-In order to be legally bound to a contract, a party must have the
capacity to understand and appreciate the terms of the contract
o Lawful Purpose - ANS-Can't conflict w/public welfare or violate the law
o Form Provided by Law - ANS-Forms provided by law or statue, Contracts are written,
oral, or implied through conduct.
o Certainty of Terms- - ANS-Contract terms must be unambiguous, terms must be clear
• What type of authority does a KO have? - ANS-o Express- appointed on SF1402,
formal appointment, may delegate duties (KO)
o Implied- Implied actual authority, authorized to accept/reject work
o Apparent- Not recognized in Government, third party believes an agent has authority
to bind the principal.
What is an unauthorized commitment? - ANS-o 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
• What is a ratification? - ANS-o The act of approving an unauthorized commitments by
an official who has the authority to do so.
, • Does the government recognize apparent authority? - ANS-NO
definition of Solicitation - ANS-o A document sent to prospective contractors by a
Government agency, requesting the submission of offers or information.
o Changing contract is knows as? - ANS-Modification, MOD
FAR 43
• You are required to put 3 provisions and 3 clauses in solicitations for commercial
items? - ANS-False, 2
What is a Clause? - ANS-A term or condition that is used in a Solicitation and a contract
Why do we Finance? FAR32 - ANS-Increase competition
Increase small business
• Provision only in ... - ANS-Solicitation
FAR 52
• Bid is always - ANS-FFP or FFP EDA
Bid opening open to public? - ANS-NO
When do we reject individual bids? - ANS-any changes in scope of contract (them
changing clauses)
• What is the primary source to get a contractor's past performance data when
conducting source selections? - ANS-o Past Performance Information Retrieval System
(PPIRS)
the price a prudent buyer would be willing to pay given market conditions and other
factors. - ANS-Price Reasonableness
• Within _________days after the date of contract award, the contracting officer shall
provide written notification to each offeror whose proposal was in the competitive range,
but was not selected for award - ANS-3
6 essential elements of a contract. - ANS-Mutual Assent
Consideration
Capacity
Lawful Purpose
Certainty of Terms
Form Provided by Law
Mutual Assent - ANS-at least two people, meetings of the minds
o Consideration - ANS-Each party receives something of value and gives something of
value, everybody benefits, Must be mutual.
o Capacity- - ANS-In order to be legally bound to a contract, a party must have the
capacity to understand and appreciate the terms of the contract
o Lawful Purpose - ANS-Can't conflict w/public welfare or violate the law
o Form Provided by Law - ANS-Forms provided by law or statue, Contracts are written,
oral, or implied through conduct.
o Certainty of Terms- - ANS-Contract terms must be unambiguous, terms must be clear
• What type of authority does a KO have? - ANS-o Express- appointed on SF1402,
formal appointment, may delegate duties (KO)
o Implied- Implied actual authority, authorized to accept/reject work
o Apparent- Not recognized in Government, third party believes an agent has authority
to bind the principal.
What is an unauthorized commitment? - ANS-o 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
• What is a ratification? - ANS-o The act of approving an unauthorized commitments by
an official who has the authority to do so.
, • Does the government recognize apparent authority? - ANS-NO
definition of Solicitation - ANS-o A document sent to prospective contractors by a
Government agency, requesting the submission of offers or information.
o Changing contract is knows as? - ANS-Modification, MOD
FAR 43
• You are required to put 3 provisions and 3 clauses in solicitations for commercial
items? - ANS-False, 2
What is a Clause? - ANS-A term or condition that is used in a Solicitation and a contract
Why do we Finance? FAR32 - ANS-Increase competition
Increase small business
• Provision only in ... - ANS-Solicitation
FAR 52
• Bid is always - ANS-FFP or FFP EDA
Bid opening open to public? - ANS-NO
When do we reject individual bids? - ANS-any changes in scope of contract (them
changing clauses)
• What is the primary source to get a contractor's past performance data when
conducting source selections? - ANS-o Past Performance Information Retrieval System
(PPIRS)
the price a prudent buyer would be willing to pay given market conditions and other
factors. - ANS-Price Reasonableness
• Within _________days after the date of contract award, the contracting officer shall
provide written notification to each offeror whose proposal was in the competitive range,
but was not selected for award - ANS-3
