CMGT Study Guide Exam 2 UPDATED Questions and CORRECT Answers
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Course
CMGT
Institution
CMGT
CMGT Study Guide Exam 2 UPDATED
Questions and CORRECT Answers
A contract is
a. Something of value given by one party to another in change for something else
b. The ability of each party to have mutual agreement
c. A legally binding agreement between both parties
d. Never written down or doc...
CMGT Study Guide Exam 2 UPDATED Questions and CORRECT Answers A contract is a. Something of value given by one party to another in change for something else b. The ability of each party to have mutual agreement c. A legally binding agreement between both parties d. Never written down or documented - CORRECT ANSWER - c Issues that impact the choice of contract include all EXCEPT: Risk allocation The type of project The project's delivery method A breach of contract - CORRECT ANSWER - d a specified amount of work provided by the contractor for a set price known up front - CORRECT ANSWER - Lump Sum Contract the owner reimburses the contractor for actual costs and pays a fee for overhead and profit - CORRECT ANSWER - Cost Plus a Fee Contract the owner is invoiced for actual expenditures and reduces the owners risk - CORRECT ANSWER - Cost Plus a Guaranteed Maximum Price Contract The contractor bids a fixed unit price and, at the completion of the job, the total quantities are determined and payment is made to the contractor based on actual quantities - CORRECT ANSWER - Unit Price Contract The bid documents and the contract documents include all except: Change orders Drawings TH General Conditions Addenda - CORRECT ANSWER - a Changes made to the work before the bids are submitted are called addenda - CORRECT ANSWER - True Signatures are not evidence of mutual agreement - CORRECT ANSWER - False Failure to complete a job on time can result in Salary Increase Liquidated Damages Exclusions Letter Agreements - CORRECT ANSWER - b Letter agreements can be a simple exchange of suitable letters. - CORRECT ANSWER - true Where can you buy a standardized agreement form? Wal-Mart Stationary Store AIA website From the contractor - CORRECT ANSWER - b
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