1|Page
CON 3990V CERTIFICATION ACTUAL EXAM
QUESTIONS AND CORRECT ANSWERS
What are the essential elements of a contract? - ✔✔✔ Correct Answer
> 1. Capacity
2. Mutual Assent
3. Consideration
4. Lawful purpose
Which FAR Part is the best source of information regarding
competition requirements? - ✔✔✔ Correct Answer > FAR Part 6
(Competition Requirements)
Termination for ______ is the gov. unilateral contract right to
partially or completely terminate a contract.... of work under a
contract ______ - ✔✔✔ Correct Answer > Convenience
when it is in the government's best interest
,2|Page
Where is in the FAR is contracting by negotiation covered? - ✔✔✔
Correct Answer > FAR Part 15
Termination for ______ is similar to default termination except it
applies to _________ formats - ✔✔✔ Correct Answer > Cause
Commercial Contracts
Termination for ________ is the exercise of the Government's
contractual to completely or partially terminate a contract bc of
contractor's actual or anticipated _____ - ✔✔✔ Correct Answer >
Default
Failure to Perform
Show Cause - ✔✔✔ Correct Answer > Used after the cure notice fails to
correct delinquency
What are the two main types of termination for non-commercial
contracts? - ✔✔✔ Correct Answer > Termination for Convenience
Termination for Default
What shall agencies use for acquisition of commercial items
(FAR Part 12)? - ✔✔✔ Correct Answer > Firm-Fixed Price
Fixed-Price Contracts w/ Economic Price Adjustment
, 3|Page
What is the order for negotiations? (FAR Part 15) - ✔✔✔ Correct
Answer > Clarifications
Communications
Discussions
What are the elements of a Fixed-Price Incentive Firm Contract?
- ✔✔✔ Correct Answer > Target Cost
Target Profit
Ceiling Price
Profit Adjustment Formula
Which clause is related to Acquisition? - ✔✔✔ Correct Answer > 52.215
- Instructions to Offerors - Competitive Acquistion
What is considered a contract action? - ✔✔✔ Correct Answer >
Contract action means any oral or written action that results in
the purchase, rent, or lease of supplies or equipment, services,
or construction.
What is latent defect? - ✔✔✔ Correct Answer > is one that is not readily
noticeable upon reasonable inspection at the time of acceptance.
CON 3990V CERTIFICATION ACTUAL EXAM
QUESTIONS AND CORRECT ANSWERS
What are the essential elements of a contract? - ✔✔✔ Correct Answer
> 1. Capacity
2. Mutual Assent
3. Consideration
4. Lawful purpose
Which FAR Part is the best source of information regarding
competition requirements? - ✔✔✔ Correct Answer > FAR Part 6
(Competition Requirements)
Termination for ______ is the gov. unilateral contract right to
partially or completely terminate a contract.... of work under a
contract ______ - ✔✔✔ Correct Answer > Convenience
when it is in the government's best interest
,2|Page
Where is in the FAR is contracting by negotiation covered? - ✔✔✔
Correct Answer > FAR Part 15
Termination for ______ is similar to default termination except it
applies to _________ formats - ✔✔✔ Correct Answer > Cause
Commercial Contracts
Termination for ________ is the exercise of the Government's
contractual to completely or partially terminate a contract bc of
contractor's actual or anticipated _____ - ✔✔✔ Correct Answer >
Default
Failure to Perform
Show Cause - ✔✔✔ Correct Answer > Used after the cure notice fails to
correct delinquency
What are the two main types of termination for non-commercial
contracts? - ✔✔✔ Correct Answer > Termination for Convenience
Termination for Default
What shall agencies use for acquisition of commercial items
(FAR Part 12)? - ✔✔✔ Correct Answer > Firm-Fixed Price
Fixed-Price Contracts w/ Economic Price Adjustment
, 3|Page
What is the order for negotiations? (FAR Part 15) - ✔✔✔ Correct
Answer > Clarifications
Communications
Discussions
What are the elements of a Fixed-Price Incentive Firm Contract?
- ✔✔✔ Correct Answer > Target Cost
Target Profit
Ceiling Price
Profit Adjustment Formula
Which clause is related to Acquisition? - ✔✔✔ Correct Answer > 52.215
- Instructions to Offerors - Competitive Acquistion
What is considered a contract action? - ✔✔✔ Correct Answer >
Contract action means any oral or written action that results in
the purchase, rent, or lease of supplies or equipment, services,
or construction.
What is latent defect? - ✔✔✔ Correct Answer > is one that is not readily
noticeable upon reasonable inspection at the time of acceptance.
