Bids & Contracts (CMCA Test Preparation) Questions and Answers 100% Correct

A contract is an agreement between two or more parties, enforceable by law, by which each party promises to do, or not do, something. d. retirement plan contributions - ANSWER-When deciding whether to have staff members or a contractor perform a task, a manager should consider each of the following EXCEPT: a. supervision b. expertise c. number of people d. retirement plan contributions TRUE - ANSWER-TRUE OR FALSE: When deciding whether to have staff members or a contractor perform a task, a manager should consider where tools, equipment and supplies will be stored -- and the liability involved. 1. b - Also known as request for proposal (RFP). 2. e 3. d 4. a 5. c - ANSWER-MATCH: 1. An announcement that an organization is interested in receiving proposals for a particular project. 2. Failure of either party to fulfill the terms of the contract. 3. An agreement between two or more parties -- enforceable by law -- by which each party promises to do, or not to do, something. 4. This states that neither party may assign its obligations under the contract to any other person without the express written consent of the other party. 5. Detailed instructions about the products or services requested through the bid request. All contract terms should be included in the bid request. a. assignability provision b. bid request c. bid specifications d. contract e. default d. entire obligation provision - ANSWER-This states that the written, signed contract constitutes the entire agreement between the parties. a. progress payments b. governing law c. severability provision d. entire obligation provision a. modification provision - ANSWER-This states that the contract may not be modified in any way unless such modification is written and signed by both parties.