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NCMA Vocabulary (Week 4 - 3.0-3.6.1) Questions With Complete Solutions
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NCMA Vocabulary (Week 4 - 3.0-3.6.1) Questions With Complete Solutions
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NCMA Vocabulary (Week 4 - 3.0-3.6.1)Questions With Complete Solutions
Acceptance (4) correct answer: The act, either verbal or written,
that conveys assent to contractual terms and conditions
Actual authority (4) correct answer: An agent's specific authority that the principal intentionally confers on the agent; confers a power to the agent to affect legal relations of the principals with third parties
Apparent authority (4) correct answer: The appearance of being a principal's agent (see principal-agent relationship) with the power to act for the principal; corporations are liable for an employee's acts and promises to a third party if it appears to the third party that the employee has been granted authority by his or her corporate employer (principal) to do those acts that bind the corporation
Appropriation (4) correct answer: The act of setting aside money for specific federal government departments, agencies, and programs
Authorization (4) correct answer: Establishing or continuing one or more federal agencies or programs, establishing the terms
and conditions under which they operate, authorizing the enactment of appropriations, and specifying how appropriated funds are to be used Boilerplate (4) correct answer: Printed terms and conditions that
are frequently found on the back of purchase order forms in contracts, usually attached as "general provisions"
Buyer (4) correct answer: The contracted party with the requirement for goods and/or services to be fulfilled by one or more sellers; also called the offeree
Case law (4) correct answer: The set of past rulings by judges (and similar tribunals) that meet their respective jurisdictions' rules for formality to be cited as precedent
Communities of practice (4) correct answer: Groups of practitioners and/or subject matter experts sharing common goals and a desire to improve their performance and the performance of their teams and organization
Contract (4) correct answer: A mutually binding legal relationship obligating the seller to furnish supplies or services, and the buyer to provide consideration for them
Contract management (4) correct answer: The actions of a contract manager to develop solicitations, develop offers, form contracts, perform contracts, and close contracts
Contract modification (4) correct answer: Any written alteration
in the specification, delivery point, rate of delivery, contract period, price, quantity, or other provision of an existing contract,
accomplished in accordance with a contract clause, which may be unilateral or bilateral
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