CONTRACTING DOMAIN Questions with Correct Solutions
Question:
1. Assignability provision
Answer:
This provision states that neither party may assign its obligations under the contract to any
other person without the express written consent of the other party.
Question:
2. Bid request
Answer:
Also known as request for proposal (RFP). An announcement that an organization is
interested in receiving proposals for a particular project.
Question:
3. Bid specifications
Answer:
Detailed instructions about the products or services requested through the bid request. All
contract terms should be included in the bid request.
Question:
4. Contract
Answer:
A contract is an agreement between two or more parties—enforceable by law—by which each
party promises to do, or not to do, something.
Question:
5. Default
Answer:
Failure of either party to fulfill the terms of the contract.
Question:
1. Assignability provision
Answer:
This provision states that neither party may assign its obligations under the contract to any
other person without the express written consent of the other party.
Question:
2. Bid request
Answer:
Also known as request for proposal (RFP). An announcement that an organization is
interested in receiving proposals for a particular project.
Question:
3. Bid specifications
Answer:
Detailed instructions about the products or services requested through the bid request. All
contract terms should be included in the bid request.
Question:
4. Contract
Answer:
A contract is an agreement between two or more parties—enforceable by law—by which each
party promises to do, or not to do, something.
Question:
5. Default
Answer:
Failure of either party to fulfill the terms of the contract.
