CPCM 1.1 Laws And Regulations: Questions &
Accurate Answers (Rated A+)
Acceptance Correct Answer - Act of an authorized buyer, by
which the buyer assents to ownership of existing and identified
supplies, or approved specific services rendered, as partial or
complete performance of a contract. It must be communicated and
(in common law) must be the mirror image of the offer
Agency Correct Answer - A relationship whereby the principal
authorizes another (the agent) to act for and on behalf of The
principal and to bind the principal in contract.
Anti-Boycott Regulations Correct Answer - The U.S.
Department of Commerce and the U.S. Department of Treasury both
enforce regulatory requirements to prevent U.S. companies from
entering into foreign transactions that could be construed as
supporting a foreign boycott against a country that is friendly to the
United States. Violations can result in fines, imprisonment and loss
of their privilege to export.
As is Correct Answer - A contract phrase referring to the
condition of property to be sold or leased, and generally pertains to
a disclaimer of liability.
Bilateral and unilateral contracts Correct Answer - A bilateral
contract is one in which both parties make promises. A unilateral
contract is one in which only one party (promissory) makes a
promise.
Breach of contract Correct Answer - The failure, without legal
excuse, to perform any promise that forms the whole or part of a
contract.
, Common law Correct Answer - A body of law common to the
whole population, produced primarily by the efforts of the judiciary
to harmonize their decisions with precedent decisions and changes
in law or regulation.
Compensable delay Correct Answer - A delay for which the
buyer is contractually responsible that excuses the seller's failure to
perform and is compensable
Condition precedent Correct Answer - A condition that
activates a term in a contract
Condition subsequent Correct Answer - A condition that
suspends a term in a contract
A legally binding contract contains the five following elements
Correct Answer - 1) two or more parties that have the capacity
to contract;
2) agreement, including offer, acceptance, and mutual assent;
3) somthing of value changes hands between the parties;
4) must be for a legal purpose;
5) must be in correct form
Contract is executed Correct Answer - when all parties have
fully performed their contractual duties (can also refer to both
parties signing the document)
Contract formation Correct Answer - the elements of offer,
acceptance, mutuality of consideration, competent parties, legal
subject matter, and mutuality of agreement
Discharge of a contract Correct Answer - results when the
obligations incurred by the parties when they entered the
Accurate Answers (Rated A+)
Acceptance Correct Answer - Act of an authorized buyer, by
which the buyer assents to ownership of existing and identified
supplies, or approved specific services rendered, as partial or
complete performance of a contract. It must be communicated and
(in common law) must be the mirror image of the offer
Agency Correct Answer - A relationship whereby the principal
authorizes another (the agent) to act for and on behalf of The
principal and to bind the principal in contract.
Anti-Boycott Regulations Correct Answer - The U.S.
Department of Commerce and the U.S. Department of Treasury both
enforce regulatory requirements to prevent U.S. companies from
entering into foreign transactions that could be construed as
supporting a foreign boycott against a country that is friendly to the
United States. Violations can result in fines, imprisonment and loss
of their privilege to export.
As is Correct Answer - A contract phrase referring to the
condition of property to be sold or leased, and generally pertains to
a disclaimer of liability.
Bilateral and unilateral contracts Correct Answer - A bilateral
contract is one in which both parties make promises. A unilateral
contract is one in which only one party (promissory) makes a
promise.
Breach of contract Correct Answer - The failure, without legal
excuse, to perform any promise that forms the whole or part of a
contract.
, Common law Correct Answer - A body of law common to the
whole population, produced primarily by the efforts of the judiciary
to harmonize their decisions with precedent decisions and changes
in law or regulation.
Compensable delay Correct Answer - A delay for which the
buyer is contractually responsible that excuses the seller's failure to
perform and is compensable
Condition precedent Correct Answer - A condition that
activates a term in a contract
Condition subsequent Correct Answer - A condition that
suspends a term in a contract
A legally binding contract contains the five following elements
Correct Answer - 1) two or more parties that have the capacity
to contract;
2) agreement, including offer, acceptance, and mutual assent;
3) somthing of value changes hands between the parties;
4) must be for a legal purpose;
5) must be in correct form
Contract is executed Correct Answer - when all parties have
fully performed their contractual duties (can also refer to both
parties signing the document)
Contract formation Correct Answer - the elements of offer,
acceptance, mutuality of consideration, competent parties, legal
subject matter, and mutuality of agreement
Discharge of a contract Correct Answer - results when the
obligations incurred by the parties when they entered the
