CON 3990 Exam | Study Questions
and Verified Answers Rated A+ |
2024/2025 Guide
What are the basic elements required for a contract to be legally
binding (4)
- Correct Answer -mutual assent (valid offer and acceptance)
adequate consideration
capacity
legality
What is implied actual authority?
- Correct Answer -authority to do what is usual, customary and
necessary to accomplish the action
Implied actual authority differs from express actual authority in
that no express agreement is executed
,(e.g., when an individual is assigned a task to accomplish but the
minor details are not spelled out either verbally or in writing, this is
an example of implied actual authority).
What is express actual authority?
- Correct Answer -is created by explicit language, either in writing
or verbal.
It should be noted that the spoken word is generally as binding as
the written word; however it is sometimes more difficult to prove.
What is apparent authority?
- Correct Answer -Apparent authority exists when someone
reasonably believes an individual has the authority to act on
behalf of the Government, based on his or her conduct, even
though that individual has no actual authority to bind the
Government.
What is consideration?
- Correct Answer -Something of value that a promisor receives
from the promise in return for his or her offer.
,aka the reason a party would seek to enter into a contract Can be
money, action, non action or property
A contract is not enforceable without
- Correct Answer -consideration
What is lawful purpose?
- Correct Answer -A contract is unenforceable if any term is
contrary to public policy / against the law
What is capacity?
- Correct Answer -the ability to understand and appreciate the
terms of the contract
what is mutual assent?
- Correct Answer -when each party makes a promise or begins to
render performance
offer placed by one party and acceptance by the other
, What is a commercial product?
- Correct Answer -a product that is used by the general public for
purposes other than governmental purposes or
a product evolved from the above which is not yet available to the
market,
or a product like the above, slightly modified for gov use or
a non developmental item
What is a commercial service?
- Correct Answer -includes installation, maintenance, repair,
training if procured in support of commercial product and/or are
provided to the general public as well
What is a commercially available off the shelf (COTS) item?
- Correct Answer -supply that is a commercial product, sold in
substantial quantities, offered to the Gov without any
modifications needed
What exchanges can take place in the pre award phase between
the KTR and Gov?
and Verified Answers Rated A+ |
2024/2025 Guide
What are the basic elements required for a contract to be legally
binding (4)
- Correct Answer -mutual assent (valid offer and acceptance)
adequate consideration
capacity
legality
What is implied actual authority?
- Correct Answer -authority to do what is usual, customary and
necessary to accomplish the action
Implied actual authority differs from express actual authority in
that no express agreement is executed
,(e.g., when an individual is assigned a task to accomplish but the
minor details are not spelled out either verbally or in writing, this is
an example of implied actual authority).
What is express actual authority?
- Correct Answer -is created by explicit language, either in writing
or verbal.
It should be noted that the spoken word is generally as binding as
the written word; however it is sometimes more difficult to prove.
What is apparent authority?
- Correct Answer -Apparent authority exists when someone
reasonably believes an individual has the authority to act on
behalf of the Government, based on his or her conduct, even
though that individual has no actual authority to bind the
Government.
What is consideration?
- Correct Answer -Something of value that a promisor receives
from the promise in return for his or her offer.
,aka the reason a party would seek to enter into a contract Can be
money, action, non action or property
A contract is not enforceable without
- Correct Answer -consideration
What is lawful purpose?
- Correct Answer -A contract is unenforceable if any term is
contrary to public policy / against the law
What is capacity?
- Correct Answer -the ability to understand and appreciate the
terms of the contract
what is mutual assent?
- Correct Answer -when each party makes a promise or begins to
render performance
offer placed by one party and acceptance by the other
, What is a commercial product?
- Correct Answer -a product that is used by the general public for
purposes other than governmental purposes or
a product evolved from the above which is not yet available to the
market,
or a product like the above, slightly modified for gov use or
a non developmental item
What is a commercial service?
- Correct Answer -includes installation, maintenance, repair,
training if procured in support of commercial product and/or are
provided to the general public as well
What is a commercially available off the shelf (COTS) item?
- Correct Answer -supply that is a commercial product, sold in
substantial quantities, offered to the Gov without any
modifications needed
What exchanges can take place in the pre award phase between
the KTR and Gov?
