Acquisition & Contracting Exam 1 Questions And Answers

ACQUISITION & CONTRACTING EXAM 1
QUESTIONS AND ANSWERS



1. AcquisitionANSWER>>> acquiring by contract with appropriated funds of supplies or services by and for the use of the Federal Gover
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nment through purchase or lease, whether the supplies or services are already in existence or must be created, developed, demonstrate
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d and evaluated
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2. Procurement ANSWER>>>acquiring goods, services, works from an external source
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3. Contracting ANSWER>>>purchasing, renting, leasing or otherwise obtaining supplies or services from nonfederal sources. inc
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ludes description of supplies and services, selection and solicitation of sources, preparation and award of contracts and all phases of
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n contract administration
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4. subcontracting ANSWER>>> when some of the effort is contracted to another party
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5. Contract management as a competitive advantage
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, n ANSWER>>>Important part of the value chain that can create significant value over and above the cost of operations. Enables other part
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s of the organization to achieve greater value when contracting is able to keep prices low and delivery on time.
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Provides insight and value to the 'links' in the value chain. Make or buy outsourcing decisions can create cost or differentiation advantages
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6. Contract Elements n n ANSn ANSWER>>> Offer, Acceptance, Exchange of consideration, Competent parties, Legality of purpose
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7. Law of Agency n n




n ANSWER>>> relationship based on the delegation of authority by the principal to the agent to act on the principal's behalf.
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8. Privity of Contract t n n n




n ANSWER>>>he legal connection or relationship that exists between the contracting parties allowing either party to enforce contractual
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rights and seek restitution. Buyer has privity of contract with the prime vendor/contractor and the prime contractor to subcontractor.The
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buyer does not have privity of contract with the subcontractor.
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9. Sources of contracting authority n n n n




- ANSWER>>>Constitution provides legal authority of gov- ernment to enter into contracts for supplies and services.
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-Statutes and laws of the USC Title 10
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-FAR 1.602-1 provides actual contracting officer authority
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-Numerous executive orders, regulations, directives
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10. Authorities of K n n




n ANSWER>>>O FAR 1602-1: Enter in to contracts, administer and terminate contracts, make determinations and findings
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11. Express Authority n n




n ANSWER>>>Actual authority as defined in writing n n n n n




12. Implied Authority n n




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