Exam (elaborations)
CPCM EXAM QUESTIONS AND ANSWERS
- Course
- Institution
CPCM EXAM QUESTIONS AND ANSWERS
[Show more]
Content preview
CPCM EXAM QUESTIONS AND ANSWERSCompetitive negotiation - Answers -A method of contracting involving a RFP that states:
-The buyer's requirements and criteria for evaluation
-Submission of timely proposals by a maximum number of offerors
-discussion with those offerors found to be within the competitive range
-award of a contract to the one offeror whose offer, price and other consideration factors
are most advantageous to the buyer
R&D Contract - Answers -A contract for basic research applied research, or
development
SBIR - Answers -Small Business Innovation Research Program-Agencies over $100M
required to set aside a fixed percent of their budget for small business
Basic Research - Answers -primary aim to gain a fuller understanding of subject rather
than application of that knowledge
Applied Research - Answers -1. Follows basic research
2. Attempts to find improvements in technology, materials processes, methods, devices,
or techniques
Development - Answers -The use of scientific and technical knowledge in the design,
dev, testing or evaluation of a potential new product or service - or improvement.
INCLUDES:
Design engineering
prototyping
Engineering testing
Technical sourcing
Written contract - Answers -3 requirements
-provide evidence of a contract for the sale of goods
-signed by the party to be charged
-specify a quantity
-Contract for the sale of goods over$500 must be in writing to be enforceable
Sarbanes-Oxley Act - Answers --Requirements to prevent companies from accounting
for profits not realized in effort to portray value where none exists
-Signed into law on July 30, 2002
Government Contract Law - Answers --Authority from the U.S. Constitution
-Govt has the implied power to use contracts to fulfill its responsibiities
Commercial Contract Law - Answers --States are primary source of law on commercial
transactions
-Statutory Law
,-Private Law
Article 2 of the UCC - Answers -Current law governing contracts for the sale of goods
between corporations
Case Law - Answers -Legal principles derived from judicial decisions that are
determined by applying statutory and regulatory requirements and interpreting the law
as it applies to the case
Common Law - Answers -a body of law common to the whole population, produced by
the efforts of the judiciary to harmonize their decisions with precedent decisions and
changes in law or regulation
Contract Formation elements - Answers --Demonstration of mutual agreement through
and offer and acceptance
-consideration (something of value-money)
-Legal purpose
-capacity of the parties
Contracts Interpretation - Answers --Course of performance
-course of dealing
-usage of trade
Course of performance - Answers -Acts in the performance of the contract by either
party that are not objected to.
Consistent with the express terms
Course of dealing - Answers -A series of previous conduct between the parties to a
transaction that can be regarded as establishing a common basis of understanding for
the terminology and conduct
Usage of Trade - Answers -Practices or methods of dealing that are regularly observed
and justify an expectation that they will apply to the transaction
Acceptance - Answers -The act of an authorized buyer by which the buyer assents to
ownership of existing and identified supplies or specific services rendered as partial or
complete performance of a contract
Offer - Answers -A legally binding promise, made by one party to another, to enter into a
contractual agreement if accepted
Mutual assent - Answers -Offer made by one party and the unconditional acceptance of
that offer by another
Arms Export Control Act - Answers -Controls the export of defense articles and services
and charges the President to exercise the authority
,Antideficiency Act - Answers -Act prohibiting the obligation of government money in
advance of an appropriation or in excess of the amount of an available appropriation
Authorization Act - Answers -Act of Congress that permits a federal program or activity
to begin or continue from year to year
Appropriation Act - Answers -A statute that provides legal authority for federal agencies
to incur obligation and make payments out of the treasury for specific purposes.
Buy American Act - Answers -Manufactured articles, materials, and supplies
manufactured in the US shall be acquired for public use
Contract Disputes Act - Answers -Claims by a contractor against the government arising
under a contract shall be in writing and shall be submitted to the CO for a decision
Competition in Contracting Act - Answers -Requires full and open competition unless
exceptions apply, as well as market research and acquisition planning. All responsible
sources may submit proposals or bids.
Service Acquisition Reform Act - Answers -Establishes the civilian acquisition workforce
training fund, the position of chief acquisition officer from civilian agencies, and the
requirement for performance based service contracts.
Federal Property and Administrative Services Act - Answers -Provides for an
economical and efficient system for procurement and supply of personal property and
nonpersonal services
Cooperative Development - Answers -Any method by which GOVERNMENTS together
make use of their collective R&D resources to include:
Technical information
Harmonizing of requirements
Co-development
Interdependent R&D
Agreement on Standards
Government R&D - Answers -Purpose:
To achieve agency and national goals
Commercial R&D - Answers -Future -oriented, long-term activities for profit
Uniform Commercial Code (UCC) - Answers -Primary source of commercial contract
Law
-adopted as law by each state
-Adopted by all but Louisiana
-Governs the sale of any kind of goods
, -General Principles of contract law
Statutory Law - Answers --Laws passed by legislation
-Common Law-judge decision
-May require some contracts to be in writing and executed using specific procedures
Private Law - Answers -Includes the terms of the agreement between parties who have
exchanged promises for consideration
General principles of Contract Law (article 2 of the UCC) - Answers --Contract
Formation
-Seller/Buyer contractual obligations
-contract performance
Remedies for breach of contract
Procurement Integrity Act - Answers -Established new rules regarding ethical behavior
for government and contractors including technical staff.
Federal Acquisition Reform Act - Answers -Full and open competition must be pursued
in a manner that is consistent with the governments need to efficiently fulfill its
requirements
Federal Acquisition Streamlining Act - Answers -Changed over 200 existing statutes
and shifted the emphasis in federal procurement to using commercial practices,
empowering CO's to exercise business judgment and emphasizing the importance of
past performance
Walsh-Healy Public Contracts Act - Answers -Contracts over $15,000
manufacturers pay workers federal minimum way and time 1/2 for all hours worked over
40
Contract Work Hours & safety Standards Act - Answers -Established a 40 work week
and time 1/2 for hours worked over 40
Free Trade - Answers -a concept that assumes international trade unhampered by govt
measures such as tariffs or nontariff barriers
Fair Trade Agreements - Answers -Help level the international playing field and
encourage foreign govts to adopt open and transparent rulemaking procedures and
nondiscriminatory laws and regulations
Sherman Anti-trust Act - Answers -prohibits monopolies
Clayton Act - Answers -Prohibits certain forms of price discrimination
Robinson-Patman Act - Answers -Amended the Clayton act
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73314 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now