CPCM FINAL EXAM ACTUAL QUESTIONS AND ANSWERS
GRADED A+
✔✔Repudiation - ✔✔One party refuses to perform the contract requirement, duty, or
obligation owed to the other party.
✔✔Anticipatory repudiation - ✔✔When the seller, without justification, makes, makes a
statement to the buyer that it will not perform its contractual duties
✔✔Warranties - ✔✔The UCC provides implied warranties of merchantability and fitness
for a particular purpose
✔✔Force majeure - ✔✔An unexpected or uncontrollable event that upsets the plan or
releases one from obligation
"superior force"
✔✔Risk of loss - ✔✔The party who has title to the goods when the loss occurs has no
impact on the liability for risk of loss
establish in advance
✔✔Discharge of a contract - ✔✔Results when the obligations incurred by the parties
when they entered into the agreement are excused and the parties are no longer bound
to perform as promised
✔✔Excusable delay - ✔✔A contractual provision designed to protect the contractor from
sanctions for late performance
✔✔No-cost cancellation - ✔✔Occurs shortly after contract execution, often because the
seller realized that it will be unable to perform
If both parties agree, not debts or obligations are due, and if the buyer can obtain
performance from other sources, can be a quick and efficient way to sever a contractual
relationship
✔✔Valid Contract - ✔✔A contract satisfying:
-Agreement
-Consideration
-Capacity
-Legal Purpose
-Assent
-Form
✔✔Void Contract - ✔✔A contract having no legal force or binding effect.
Ex: a contract entered into for illegal purposes
,✔✔voidable contract - ✔✔Valid contract that may be legally avoided, cancelled or
annulled and the option of one of the parties
-Under Duress
-Under False Pretenses
✔✔Implied Warranty - ✔✔Something sold should be Merchantable and fit for the
purpose for which the seller has reason to know that it is required
✔✔Implied warranty of merchantability - ✔✔The implication by sale of the item that it is
reasonable fit for the ordinary purposes for which items are used.
✔✔Implied Warranty of fitness for a particular purpose - ✔✔A warranty for when a seller
knows or has reason to know of a particular purpose for which some item is being
purchased by the buyer, the Seller is guaranteeing that the item is fit for a particular
purpose , and if the buyer is relying on the seller's expertise to select suitable goods.
✔✔Acceptance - ✔✔Occurs when the buyer inspects the goods and signifies that the
goods conform to the contracts requirements or fails to reject the delivery
✔✔Forbearance - ✔✔An intentional failure of a party to enforce a contract requirement,
usually done for an act of immediate or future consideration from the other party.
Nonwaiver or one-time waiver
✔✔Functions of Management - ✔✔1. Planning
2. organizing
3. Directing/leading
4. Controlling
✔✔Management Plan - ✔✔A document that outlines the changes that will result in the
most efficient organization to perform an activity in house
Provide the staffing patterns and operating procedures that serve as a baseline for in-
house cost estimates
✔✔Business Cycle - ✔✔Recurring expansions and contractions of the national
economy usually measured by GDP
Typically Cycle lasts from three to five years, but could last 10 years or more
4 phases:
Expansion
Peak
Contraction
Trough
✔✔Integrated product/project team - ✔✔A team composed of representatives from
appropriate functional disciplines working together to build successful programs, identify
, and resolve issues, and make sound and timely recommendations to facilitate decision
making
✔✔Decentralization of purchasing - ✔✔Occurs when personnel from other functional
areas perform purchasing functions.
3 situations:
1.Companies that process single natural raw materials
2.Technically oriented firms that are heavily involved in research
3.Operation of multisite institutional and manufacturing organizations.
✔✔Domains of Leadership - ✔✔1. Strategic Domain
2. Operational Domain
3. Interpersonal Domain
✔✔4 P's of Marketing - ✔✔1. Product
2. Price
3. Promotion
4. Place
✔✔Strategic Domain - ✔✔-planning and organizing
-creating alignment
-Leadership
✔✔Action plan - ✔✔The steps a team develops to implement a solution or the actions
needed to make continued progress toward a solution
✔✔Collateral Benefit - ✔✔The degree to which pursuit of an opportunity will improve the
existing skill level or develop new skills that will positively affect other or future business
opportunities.
✔✔Operational domain - ✔✔-Delivering results
-Teamwork
-Leadership
✔✔Acquisition Risk - ✔✔The chance that some element of an acquisition program
produces an unintended result with an adverse effect on:
-System Effectiveness
-Suitability cost
-Availability for deployment
✔✔Analysis of alternatives - ✔✔An analytical comparison of the operational
effectiveness suitability, and lifecycle cost of alternatives that satisfy established
capability needs.
GRADED A+
✔✔Repudiation - ✔✔One party refuses to perform the contract requirement, duty, or
obligation owed to the other party.
✔✔Anticipatory repudiation - ✔✔When the seller, without justification, makes, makes a
statement to the buyer that it will not perform its contractual duties
✔✔Warranties - ✔✔The UCC provides implied warranties of merchantability and fitness
for a particular purpose
✔✔Force majeure - ✔✔An unexpected or uncontrollable event that upsets the plan or
releases one from obligation
"superior force"
✔✔Risk of loss - ✔✔The party who has title to the goods when the loss occurs has no
impact on the liability for risk of loss
establish in advance
✔✔Discharge of a contract - ✔✔Results when the obligations incurred by the parties
when they entered into the agreement are excused and the parties are no longer bound
to perform as promised
✔✔Excusable delay - ✔✔A contractual provision designed to protect the contractor from
sanctions for late performance
✔✔No-cost cancellation - ✔✔Occurs shortly after contract execution, often because the
seller realized that it will be unable to perform
If both parties agree, not debts or obligations are due, and if the buyer can obtain
performance from other sources, can be a quick and efficient way to sever a contractual
relationship
✔✔Valid Contract - ✔✔A contract satisfying:
-Agreement
-Consideration
-Capacity
-Legal Purpose
-Assent
-Form
✔✔Void Contract - ✔✔A contract having no legal force or binding effect.
Ex: a contract entered into for illegal purposes
,✔✔voidable contract - ✔✔Valid contract that may be legally avoided, cancelled or
annulled and the option of one of the parties
-Under Duress
-Under False Pretenses
✔✔Implied Warranty - ✔✔Something sold should be Merchantable and fit for the
purpose for which the seller has reason to know that it is required
✔✔Implied warranty of merchantability - ✔✔The implication by sale of the item that it is
reasonable fit for the ordinary purposes for which items are used.
✔✔Implied Warranty of fitness for a particular purpose - ✔✔A warranty for when a seller
knows or has reason to know of a particular purpose for which some item is being
purchased by the buyer, the Seller is guaranteeing that the item is fit for a particular
purpose , and if the buyer is relying on the seller's expertise to select suitable goods.
✔✔Acceptance - ✔✔Occurs when the buyer inspects the goods and signifies that the
goods conform to the contracts requirements or fails to reject the delivery
✔✔Forbearance - ✔✔An intentional failure of a party to enforce a contract requirement,
usually done for an act of immediate or future consideration from the other party.
Nonwaiver or one-time waiver
✔✔Functions of Management - ✔✔1. Planning
2. organizing
3. Directing/leading
4. Controlling
✔✔Management Plan - ✔✔A document that outlines the changes that will result in the
most efficient organization to perform an activity in house
Provide the staffing patterns and operating procedures that serve as a baseline for in-
house cost estimates
✔✔Business Cycle - ✔✔Recurring expansions and contractions of the national
economy usually measured by GDP
Typically Cycle lasts from three to five years, but could last 10 years or more
4 phases:
Expansion
Peak
Contraction
Trough
✔✔Integrated product/project team - ✔✔A team composed of representatives from
appropriate functional disciplines working together to build successful programs, identify
, and resolve issues, and make sound and timely recommendations to facilitate decision
making
✔✔Decentralization of purchasing - ✔✔Occurs when personnel from other functional
areas perform purchasing functions.
3 situations:
1.Companies that process single natural raw materials
2.Technically oriented firms that are heavily involved in research
3.Operation of multisite institutional and manufacturing organizations.
✔✔Domains of Leadership - ✔✔1. Strategic Domain
2. Operational Domain
3. Interpersonal Domain
✔✔4 P's of Marketing - ✔✔1. Product
2. Price
3. Promotion
4. Place
✔✔Strategic Domain - ✔✔-planning and organizing
-creating alignment
-Leadership
✔✔Action plan - ✔✔The steps a team develops to implement a solution or the actions
needed to make continued progress toward a solution
✔✔Collateral Benefit - ✔✔The degree to which pursuit of an opportunity will improve the
existing skill level or develop new skills that will positively affect other or future business
opportunities.
✔✔Operational domain - ✔✔-Delivering results
-Teamwork
-Leadership
✔✔Acquisition Risk - ✔✔The chance that some element of an acquisition program
produces an unintended result with an adverse effect on:
-System Effectiveness
-Suitability cost
-Availability for deployment
✔✔Analysis of alternatives - ✔✔An analytical comparison of the operational
effectiveness suitability, and lifecycle cost of alternatives that satisfy established
capability needs.
