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CON 3900 Exam Questions & Answers Study Guide - Latest 2023/24
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CON 3900 Exam Questions & Answers Study Guide - Latest 2023/24 Express Act ual Authority: Correct Answer: Authority explicitly given to the agent through the principal's written or oral instructions Implied Actual Authority: Correct Answer: authority to do what is usual, customary and necessary to accomplish the action. No expr ess agreement Apparent Authority: Correct Answer: someone reasonably believes an individual has the authority to act on the behalf of the government Delegation of authority: Correct Answer: he FAR and states that each authority is delegable unless specifically stated otherwise (FAR 1.108(b)). contract: Correct Answer: mutually binding legal relationship obligating the seller to furnish the supplies or services (including construction) and t he buyer to pay for them in writing Mutual Assent: Correct Answer: meeting of the minds. parties involved in a contract must come to an agreement about the details of the transaction and each party either makes a promise or begins or renders performance. Capacity: Correct Answer: refers to the legal competence of a person to enter a valid contract. Consideration: Correct Answer: something of value that a promisor (the offeror) receives from a promisee (the offeree) in return for his or her offer. Lawful Purpose: Correct Answer: the contract must not be for an unlawful purpose or contrary to public policy Essential elements of a contract: Correct Answer: Capacity Mutual assent Consideration Lawful purpose FAR part 10: Correct Answer: market r esearch Market research: Correct Answer: the process used to determine if industry can support the acquisition "needs" of the Government. a continuous process for gathering and analyzing information about products and services that are available in marke tplace. Market research is conducted to determine: Correct Answer: if commercial products/services or non -developmental items are available to meet the Government's needs or could be modified to meet the Government's needs (FAR10.002(b)). Strategic market research: Correct Answer: continuous. overall market developments, trends and capabilities. An example of strategic research is attending a trade show for a specific industry. Tactical Market: Correct Answer: conducted at specific point s during the acquisition process. provides a deeper understanding of the market and answer specific questions about the capabilities, products or services available in the market. Market research can be: Correct Answer: Strategic or Tactical The Compet ition in Contracting Act of 1984, (CICA): Correct Answer: Generally, unless an exception applies or is otherwise expressly authorized by statute, Contracting Officers shall promote and provide for full and open competition in soliciting offers and awarding Government contracts. Competitive Procedures: Correct Answer: Sealed bids. Competitive proposals Combination of competitive procedures.(e.g., two -step sealed bidding). Other competitive proceduresThe benefits of buying summaries with Stuvia:
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