CON 1100V UNIT 3 questions and answers
with solutions 2025
4 Essential Elements in Contracting include: - ANSWER 1. Capacity
2. Mutual Assent
3. Consideration
4. Lawful Purpose
Federal Acquisition Regulation (FAR) is: - ANSWER a mutually binding legal relationship
obligating the seller to provide supplies/services, and the buyer to pay for them (FAR 2.101).
Capacity refers to: - ANSWER legal competence of people to enter valid contracts.
Once legally bound to the contract, parties must have the capacity to: - ANSWER understand
and appreciate the terms of the contract.
Anyone over the age of 18, who is of sound mind, has the capacity to: - ANSWER enter into
rental agreement.
Legal Incapacity/Incompetence are: - ANSWER the legal doctrines employed to protect parties
who lack the ability to understand the terms of an agreement.
Mutual Assent occurs when: - ANSWER both parties of an apartment rental agreement have the
same contract and must exercise due diligence to ensure they understand terms/conditions.
Consideration is: - ANSWER something of value that a promisor receives from a promisee in
return for his/her offer.
, Consideration can take 4 forms: - ANSWER 1. Money
2. Promise
3. Action/Nonaction
4. Property
Without consideration, a contract is: - ANSWER not enforceable.
In an apartment scenario, consideration lodges in accordance with the terms & conditions of -
ANSWER the contract and monthly rent payment.
Lawful Purpose occurs when: - ANSWER a contract is unenforceable if any term of an agreement
contrasts public policy.
Public/Government Policies involve: - ANSWER 1. Public Morals
2. Health
3. Safety
4. Welfare
A contract CANNOT be enforced if: - ANSWER 1. Any term of the agreement is against the law.
2. Enforcement of any term of the agreement would harm the state or its citizens.
Types of Authority include: - ANSWER 1. Actual (eg: Expressed, Implied)
2. Apparent
Contracting Officers: - ANSWER 1. Enter into, administer, or terminate contracts.
2. Make related determinations and findings.
3. May bind or obligate the Government only to the extent of authority delegated to them.
with solutions 2025
4 Essential Elements in Contracting include: - ANSWER 1. Capacity
2. Mutual Assent
3. Consideration
4. Lawful Purpose
Federal Acquisition Regulation (FAR) is: - ANSWER a mutually binding legal relationship
obligating the seller to provide supplies/services, and the buyer to pay for them (FAR 2.101).
Capacity refers to: - ANSWER legal competence of people to enter valid contracts.
Once legally bound to the contract, parties must have the capacity to: - ANSWER understand
and appreciate the terms of the contract.
Anyone over the age of 18, who is of sound mind, has the capacity to: - ANSWER enter into
rental agreement.
Legal Incapacity/Incompetence are: - ANSWER the legal doctrines employed to protect parties
who lack the ability to understand the terms of an agreement.
Mutual Assent occurs when: - ANSWER both parties of an apartment rental agreement have the
same contract and must exercise due diligence to ensure they understand terms/conditions.
Consideration is: - ANSWER something of value that a promisor receives from a promisee in
return for his/her offer.
, Consideration can take 4 forms: - ANSWER 1. Money
2. Promise
3. Action/Nonaction
4. Property
Without consideration, a contract is: - ANSWER not enforceable.
In an apartment scenario, consideration lodges in accordance with the terms & conditions of -
ANSWER the contract and monthly rent payment.
Lawful Purpose occurs when: - ANSWER a contract is unenforceable if any term of an agreement
contrasts public policy.
Public/Government Policies involve: - ANSWER 1. Public Morals
2. Health
3. Safety
4. Welfare
A contract CANNOT be enforced if: - ANSWER 1. Any term of the agreement is against the law.
2. Enforcement of any term of the agreement would harm the state or its citizens.
Types of Authority include: - ANSWER 1. Actual (eg: Expressed, Implied)
2. Apparent
Contracting Officers: - ANSWER 1. Enter into, administer, or terminate contracts.
2. Make related determinations and findings.
3. May bind or obligate the Government only to the extent of authority delegated to them.
