CON 3990 Exam | Questions and
answers | Latest 2024/25
What is the Micro-purhcase threshold for supplies? -
II II II II II II II II II II $10k
All incentive contracts (schedule or performance) must also include what? -
II II II II II II II II II II II II II II Cost
incentive or constraint
II II II
What requires funds to be used only for needs or services in the year of the
II II II II II II II II II II II II II II II II
appropriations obligation period? - Bona Fide Needs Rule
II II II II II II II II II II
II What contract types can be used for commercial item purchases? -
II II II II II II II II II II II II II FFP or FPEPA II II
What is the Simplified Acquisition Threshold for commercial products and services?
II II II II II II II II II II II
What is it for non-commercial? - $7.5M - commercial $250k for non-commercial
II II II II II II II II II II II II II II
True or False: The Gov shall use electronic commerce whenever practicable or cost-
II II II II II II II II II II II II II
effective - True II II II II
What is the purpose of a contract file? (4) - Provide background/basis for decisions
II II II II II II II II II II II II II II II II
Supporting actions taken II II
Provide information for reviews and investigations
II II II II II
Furnishing essential facts in the event of a litigation
II II II II II II II II
II Can contract files be combined if appropriate? -
II II II II II II II II II II Yes
At what level are contract files maintained and why? -
II II II II II II II II II II II II II Maintained at the II II
organizational level to ensure
II II II II
effective documentation of contract actions
II II II II
accessibility by principal users II II II
minimal establishment of duplicate and working files
II II II II II II
safeguarding classified docs II II
conformance with agency regs II II II
When is a SAP contract file closed out? -
II II II II II II II II II II II II When the KO receives evidence of II II II II II
receipt of property or final payment
II II II II II II
When is a FFP (not SAP) contract file closed out? - Should be closed out within 6
II II II II II II II II II II II II II II II II II II II
months after date KO receives evidence of physical completion
II II II II II II II II II
II When should contract files required settlement of indirect cost rates be closed out? -
II II II II II II II II II II II II II II
II IIWithin 36 months of the month the KO receives evidence of physical completion
II II II II II II II II II II II II
,II When should all other (not SAP, FFP, or indirect cost rate) contract files be closed? -
II II II II II II II II II II II II II II II
Within 20 months of the month the KO receives evidence of physical completion
II II II II II II II II II II II II II II II
When is a contract considered physically complete? - the KTR has completed
II II II II II II II II II II II II II II
required deliveries and Gov has inspected and accepted the supplies
II II II II II II II II II II
The contractor has performed all services and the Gov has accepted the services and
II II II II II II II II II II II II II
II
all option provisions, if any, have expired
II II II II II II
or the Gov gives the KTR notice of termination
II II II II II II II II
What are the steps to close out a contract file? - 1) Contract admin office is
II II II II II II II II II II II II II II II II II II
responsible for initiating, reviewing contract fund status, and deobligating excess
II II II II II II II II II II
funds
II
2)KO issues a contract completions statement
II II II II II
3) KO files completed statement and signed copy send to admin office
II II II II II II II II II II II
How long are contract documents retained after closeout? -
II II II II II II II II II 6 years after final
II II II II II II
payment
II
What does a KO need prior to commencement of negotiations for a sole source
II II II II II II II II II II II II II II
contract, commencement of negotiations for a contract resulting from an unsolicited
II II II II II II II II II II II
proposal, or award without providing for full and open competition? - Justification
II II II II II II II II II II II II II II
and Approval which justifies the actions in writing, certifies the accuracy and
II II II II II II II II II II II II
completeness of the justifications and obtains the approval required
II II II II II II II II II
The KO shall not award a sole-source contract for an amount exceeding $25M
II II II II II II II II II II II II II
unless - they have a signed Justification and Approval
II II II II II II II II II II II
A J&A should include - Description of action being approved
II II II II II II II II II II II II
Description of supplies or services required + estimated value II II II II II II II II
statutory authority permitting other than full and open comp
II II II II II II II II
demonstrate why specific KTR is required (instead of comp) II II II II II II II II
efforts made to solicit offers from other sources
II II II II II II II
determination of fair and reasonable anticipated cost II II II II II II
description of market research conducted II II II II
list of sources that expressed interest
II II II II II
statement of how agency may remove comp barriers in the future II II II II II II II II II II
KO certification II
What are the thresholds for J&A approval -
II II II II II II II II II II II under $750 - KO approval II II II II
over $750k and under $100M - HCA
II II II II II II
over $100M - senior procurement executive
II II II II II
What are the basic elements required for a contract to be legally binding (4) -
II II II II II II II II II II II II II II II II II
mutual assent (valid offer and acceptance)
II II II II II II
adequate consideration II
capacity
, legality
What is implied actual authority? - authority to do what is usual, customary and
II II II II II II II II II II II II II II II II
necessary to accomplish the action
II II II II II
Implied actual authority differs from express actual authority in that no express
II II II II II II II II II II II
agreement is executed
II II II
(e.g., when an individual is assigned a task to accomplish but the minor details are
II II II II II II II II II II II II II II II
not spelled out either verbally or in writing, this is an example of implied actual
II II II II II II II II II II II II II II II
authority).
II
What is express actual authority? - is created by explicit language, either in writing
II II II II II II II II II II II II II II II II
or verbal.
II II II
It should be noted that the spoken word is generally as binding as the written word;
II II II II II II II II II II II II II II II
however it is sometimes more difficult to prove.
II II II II II II II II
What is apparent authority? - Apparent authority exists when someone reasonably
II II II II II II II II II II II II II
believes an individual has the authority to act on behalf of the Government, based on
II II II II II II II II II II II II II II II
his or her conduct, even though that individual has no actual authority to bind the
II II II II II II II II II II II II II II II
Government.
II
What is consideration? - Something of value that a promisor receives from the
II II II II II II II II II II II II II II II
promisee in return for his or her offer.
II II II II II II II II
aka the reason a party would seek to enter into a contract Can be money, action, non
II II II II II II II II II II II II II II II II
action or property
II II II
II A contract is not enforceable without -
II II II II II II II II II consideration
What is lawful purpose? - A contract is unenforceable if any term is contrary to
II II II II II II II II II II II II II II II II II
public policy / against the law
II II II II II II
What is capacity? -
II II II II II II II the ability to understand and appreciate the terms of the
II II II II II II II II II
contract
II
what is mutual assent? - when each party makes a promise or begins to render
II II II II II II II II II II II II II II II II II
performance
II
offer placed by one party and acceptance by the other
II II II II II II II II II
What is a commercial product? - a product that is used by the general public for
II II II II II II II II II II II II II II II II II II
purposes other than governmental purposes or
II II II II II II II
a product evolved from the above which is not yet available to the market,
II II II II II II II II II II II II II II
or a product like the above, slightly modified for gov use or
II II II II II II II II II II II
a nondevelopmental item
II II
What is a commercial service? - includes installation, maintenance, repair, training if
II II II II II II II II II II II II II II
procured in support of commercial product and/or are provided to the general public
II II II II II II II II II II II II II
as well
II II
answers | Latest 2024/25
What is the Micro-purhcase threshold for supplies? -
II II II II II II II II II II $10k
All incentive contracts (schedule or performance) must also include what? -
II II II II II II II II II II II II II II Cost
incentive or constraint
II II II
What requires funds to be used only for needs or services in the year of the
II II II II II II II II II II II II II II II II
appropriations obligation period? - Bona Fide Needs Rule
II II II II II II II II II II
II What contract types can be used for commercial item purchases? -
II II II II II II II II II II II II II FFP or FPEPA II II
What is the Simplified Acquisition Threshold for commercial products and services?
II II II II II II II II II II II
What is it for non-commercial? - $7.5M - commercial $250k for non-commercial
II II II II II II II II II II II II II II
True or False: The Gov shall use electronic commerce whenever practicable or cost-
II II II II II II II II II II II II II
effective - True II II II II
What is the purpose of a contract file? (4) - Provide background/basis for decisions
II II II II II II II II II II II II II II II II
Supporting actions taken II II
Provide information for reviews and investigations
II II II II II
Furnishing essential facts in the event of a litigation
II II II II II II II II
II Can contract files be combined if appropriate? -
II II II II II II II II II II Yes
At what level are contract files maintained and why? -
II II II II II II II II II II II II II Maintained at the II II
organizational level to ensure
II II II II
effective documentation of contract actions
II II II II
accessibility by principal users II II II
minimal establishment of duplicate and working files
II II II II II II
safeguarding classified docs II II
conformance with agency regs II II II
When is a SAP contract file closed out? -
II II II II II II II II II II II II When the KO receives evidence of II II II II II
receipt of property or final payment
II II II II II II
When is a FFP (not SAP) contract file closed out? - Should be closed out within 6
II II II II II II II II II II II II II II II II II II II
months after date KO receives evidence of physical completion
II II II II II II II II II
II When should contract files required settlement of indirect cost rates be closed out? -
II II II II II II II II II II II II II II
II IIWithin 36 months of the month the KO receives evidence of physical completion
II II II II II II II II II II II II
,II When should all other (not SAP, FFP, or indirect cost rate) contract files be closed? -
II II II II II II II II II II II II II II II
Within 20 months of the month the KO receives evidence of physical completion
II II II II II II II II II II II II II II II
When is a contract considered physically complete? - the KTR has completed
II II II II II II II II II II II II II II
required deliveries and Gov has inspected and accepted the supplies
II II II II II II II II II II
The contractor has performed all services and the Gov has accepted the services and
II II II II II II II II II II II II II
II
all option provisions, if any, have expired
II II II II II II
or the Gov gives the KTR notice of termination
II II II II II II II II
What are the steps to close out a contract file? - 1) Contract admin office is
II II II II II II II II II II II II II II II II II II
responsible for initiating, reviewing contract fund status, and deobligating excess
II II II II II II II II II II
funds
II
2)KO issues a contract completions statement
II II II II II
3) KO files completed statement and signed copy send to admin office
II II II II II II II II II II II
How long are contract documents retained after closeout? -
II II II II II II II II II 6 years after final
II II II II II II
payment
II
What does a KO need prior to commencement of negotiations for a sole source
II II II II II II II II II II II II II II
contract, commencement of negotiations for a contract resulting from an unsolicited
II II II II II II II II II II II
proposal, or award without providing for full and open competition? - Justification
II II II II II II II II II II II II II II
and Approval which justifies the actions in writing, certifies the accuracy and
II II II II II II II II II II II II
completeness of the justifications and obtains the approval required
II II II II II II II II II
The KO shall not award a sole-source contract for an amount exceeding $25M
II II II II II II II II II II II II II
unless - they have a signed Justification and Approval
II II II II II II II II II II II
A J&A should include - Description of action being approved
II II II II II II II II II II II II
Description of supplies or services required + estimated value II II II II II II II II
statutory authority permitting other than full and open comp
II II II II II II II II
demonstrate why specific KTR is required (instead of comp) II II II II II II II II
efforts made to solicit offers from other sources
II II II II II II II
determination of fair and reasonable anticipated cost II II II II II II
description of market research conducted II II II II
list of sources that expressed interest
II II II II II
statement of how agency may remove comp barriers in the future II II II II II II II II II II
KO certification II
What are the thresholds for J&A approval -
II II II II II II II II II II II under $750 - KO approval II II II II
over $750k and under $100M - HCA
II II II II II II
over $100M - senior procurement executive
II II II II II
What are the basic elements required for a contract to be legally binding (4) -
II II II II II II II II II II II II II II II II II
mutual assent (valid offer and acceptance)
II II II II II II
adequate consideration II
capacity
, legality
What is implied actual authority? - authority to do what is usual, customary and
II II II II II II II II II II II II II II II II
necessary to accomplish the action
II II II II II
Implied actual authority differs from express actual authority in that no express
II II II II II II II II II II II
agreement is executed
II II II
(e.g., when an individual is assigned a task to accomplish but the minor details are
II II II II II II II II II II II II II II II
not spelled out either verbally or in writing, this is an example of implied actual
II II II II II II II II II II II II II II II
authority).
II
What is express actual authority? - is created by explicit language, either in writing
II II II II II II II II II II II II II II II II
or verbal.
II II II
It should be noted that the spoken word is generally as binding as the written word;
II II II II II II II II II II II II II II II
however it is sometimes more difficult to prove.
II II II II II II II II
What is apparent authority? - Apparent authority exists when someone reasonably
II II II II II II II II II II II II II
believes an individual has the authority to act on behalf of the Government, based on
II II II II II II II II II II II II II II II
his or her conduct, even though that individual has no actual authority to bind the
II II II II II II II II II II II II II II II
Government.
II
What is consideration? - Something of value that a promisor receives from the
II II II II II II II II II II II II II II II
promisee in return for his or her offer.
II II II II II II II II
aka the reason a party would seek to enter into a contract Can be money, action, non
II II II II II II II II II II II II II II II II
action or property
II II II
II A contract is not enforceable without -
II II II II II II II II II consideration
What is lawful purpose? - A contract is unenforceable if any term is contrary to
II II II II II II II II II II II II II II II II II
public policy / against the law
II II II II II II
What is capacity? -
II II II II II II II the ability to understand and appreciate the terms of the
II II II II II II II II II
contract
II
what is mutual assent? - when each party makes a promise or begins to render
II II II II II II II II II II II II II II II II II
performance
II
offer placed by one party and acceptance by the other
II II II II II II II II II
What is a commercial product? - a product that is used by the general public for
II II II II II II II II II II II II II II II II II II
purposes other than governmental purposes or
II II II II II II II
a product evolved from the above which is not yet available to the market,
II II II II II II II II II II II II II II
or a product like the above, slightly modified for gov use or
II II II II II II II II II II II
a nondevelopmental item
II II
What is a commercial service? - includes installation, maintenance, repair, training if
II II II II II II II II II II II II II II
procured in support of commercial product and/or are provided to the general public
II II II II II II II II II II II II II
as well
II II
