ACQ 101 Module 8 Contract Management | Questions with 100% Correct Answers | Verified | Latest Update 2024

What is a contract? - legal instrument that defines the relationship between the government and a contractor, acquisition of property, supplies, or services for the direct benefit of the government. What are the elements of a contract? - mutual assent; consideration; competency; lawful purpose; certainty of terms; form provide by law What is mutual assent? - offer and acceptance; express intent, communicated, complete terms, clear and unambiguous What is consideration? - a bargain or exchange; each party receives something of value or gives something of value; promise to perform; promise in return for performance; sufficiency & adequacy greater than $1 What is competency? - the parties must have capacity to understand the terms, not a minor, intoxicated, incompetent What is lawful purpose? - not against the law What is certainty of terms? - requirements and stipulations must be known What is provide by law? - the contract must be written, oral or implied through action