Exam (elaborations)
2024 DBIA - CONTRACTS AND RISK MANAGEMENT EXAM WITH CORRECT ANSWERS
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2024 DBIA - CONTRACTS AND RISK MANAGEMENT EXAM WITH CORRECT ANSWERS
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2024 DBIA - CONTRACTS ANDRISK MANAGEMENT EXAM WITH
CORRECT ANSWERS
Betterment Theory - CORRECT ANSWERS-Owner cannot be put in a better
position than if the breach hadn't occurred.
Requirements for a valid contract - CORRECT ANSWERS--Offer
-Acceptance
-Consideration
-Capacity
-Authority
Trident v. Austin (2003) - CORRECT ANSWERS--Austin told Trident that they
would come back to them and use them if they won.
-Austin did win, but did not go back to Trident
-Trident could've offered a backup to their $5.2M.
Liability Issues - CORRECT ANSWERS--Defective plans and specs (Spearin)
-Constructive changes
-Differing site conditions
-Schedule-related issues
-Joint and several liability
Constructive Changes - CORRECT ANSWERS-Owner causes performance of
work beyond scope of contract but does not recognize contractor's
entitlement to a change order.
▪Defective specifications (Spearin)
▪Disputes over contract interpretation
▪Superior knowledge
▪Breach of implied duties of good faith, fair dealing, and cooperation
▪Constructive acceleration
Course of Performance - CORRECT ANSWERS-what the parties do during the
performance of this contract
Course of Conduct - CORRECT ANSWERS-what the parties do during the
performance of other similar contracts
Terms of Art - CORRECT ANSWERS-the use of a word in a specific industry
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