M-100 Quiz – Contracting Questions with correct Answers

True or False. A contract is an agreement between two or more parties, enforceable by law, by which each party promises to do or not to do something - Answer- True When 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 - Answer- D. Retirement plan contributions True or False. When deciding whether to have staff members of a contractor perform a task, a manager should consider where tools, equipment and supplies will be stored, and the liability involved. - Answer- True A bid request or request for proposal (RFP) should include each of the following EXCEPT: A. Vague instructions about the products or services requested. B. A request for information about the contractor that will help the association evaluate the contractor's ability. C. Information about the association that the contractor will need in order to prepare a bid D. Information about work conditions. - Answer- A. Vague instructions about the products or services requested. True or False. The bidding process and requests for proposals should be used primarily for smaller jobs or purchases of one-time service. - Answer- False - time consuming should be used for larger jobs. True or False. A good resource for identifying potential contractors is referrals from supply firms doing business with the community association. - Answer- True Complete the following sentence: A __________________ is a promise or guarantee that parts, materials, or labor will last for a designated period of time. A. prospective bidder's questionnaire. B. Warranty C. Qualification sheet D. Waiver of lien - Answer- B. Warranty Which of the following contract provisions means that if the contractor's employees, agents, or subcontractors damage any common or individ