CON 216 Exam 7 Questions With 100%
Verified Answers!!
Essential Contract Elements
1. Competent Parties (Capacity, Competent Parties, and Authority)
2. Mutual Assent (binding offer, valid acceptance, and meeting of the minds)
3. Consideration
4. Lawful Purpose
5. Certainty of Terms
Two types of Authority
1. Actual (express and implied)
2. Apparent
Actual Authority
Good authority, recognized by the Federal Government.
Express Authority
written (warrant) or oral, binding
Implied Authority
delegated task, binding
remedy at equity, prevents a party who has misled someone through words or actions from
denying responsibility for those representations
Promissory Estoppel
, the confirmation of a prior act with the effect of becoming bound by it
Ratification
Authoritzation
Does not make the money available to spend but tells the intent
Appropriation
Does make the money available to spend
Four main types of funding
O&M, RDT&E, Procurement, and Personnel
Three types of limitation of funds
Amount
Time
Purpose
What is the time restriction of money?
5 years
this act doesnt allow money it receives from outside sources to supplement money
it receives from congress
Miscellaneous Receipts Act
this act says the Government shall authorize or create an obligation or spend money in
excess of the amount of money that was appropriated or obligated
Anti-Deficiency Act
this act permits the practice of "interagency off loading"
Economy Act
this act requires the Government to pay contractors within 30 days
Prompt Payment Act
Verified Answers!!
Essential Contract Elements
1. Competent Parties (Capacity, Competent Parties, and Authority)
2. Mutual Assent (binding offer, valid acceptance, and meeting of the minds)
3. Consideration
4. Lawful Purpose
5. Certainty of Terms
Two types of Authority
1. Actual (express and implied)
2. Apparent
Actual Authority
Good authority, recognized by the Federal Government.
Express Authority
written (warrant) or oral, binding
Implied Authority
delegated task, binding
remedy at equity, prevents a party who has misled someone through words or actions from
denying responsibility for those representations
Promissory Estoppel
, the confirmation of a prior act with the effect of becoming bound by it
Ratification
Authoritzation
Does not make the money available to spend but tells the intent
Appropriation
Does make the money available to spend
Four main types of funding
O&M, RDT&E, Procurement, and Personnel
Three types of limitation of funds
Amount
Time
Purpose
What is the time restriction of money?
5 years
this act doesnt allow money it receives from outside sources to supplement money
it receives from congress
Miscellaneous Receipts Act
this act says the Government shall authorize or create an obligation or spend money in
excess of the amount of money that was appropriated or obligated
Anti-Deficiency Act
this act permits the practice of "interagency off loading"
Economy Act
this act requires the Government to pay contractors within 30 days
Prompt Payment Act
