Exam (elaborations)
CPPB DOMAIN IV – CONTRACT DEVELOPMENT AND MANAGEMENT EXAM
- Course
- Institution
CPPB DOMAIN IV – CONTRACT DEVELOPMENT AND MANAGEMENT EXAM...
[Show more]
Content preview
CPPB DOMAIN IV – CONTRACTDEVELOPMENT AND MANAGEMENT
EXAM
6 Contract Elements: ANSWER 1) Offer and Acceptance 2) Definiteness 3)
Legal Consideration 4) Mutual Obligation 5)Competitive Parties 6) Legal
Purpose
Contract elements include offer and acceptance. - ANSWER A pledge or
commitment to do or not do something specific in the future. For example,
supply a product or service. An acceptance is an agreement to do something in
ANSWER to an offer.
Definiteness is an essential component of a contract. The material provisions of
an agreement are explicitly stated. Specificity is necessary since imprecise
agreements cannot be enforced.
Element of a Contract: Legal Consideration - Answer Something of
consideration given between parties to make or bind a contract. Usually
regarded a trade of money for products or services.
Contract Element: Mutuality of Obligation - ANSWER An agreement obligates
all parties or none of them.
Contract Elements: Competent Parties - Answer The law defines classes of
people who are capable of engaging into an agreement. Those capable of
making their own decisions.
Element of a Contract: Legal Purpose - Answer The law will not enforce
agreements involving illicit activities. An agreement can only cover what is
permitted by law.
, Type of Contract: Express Contract - Answer When the formal components for
making a contract exist, it is produced, either in writing or orally. Terms and
conditions are deemed express. They include whatever the parties consider
important.
Type of Contract: Implied-In-Fact Contract (ANSWER) Occurs when parts of
the formal contractual provisions are fulfilled by a person's actions rather than
being formally stated in words.
Contract Administration Plan (CAP) - Answer Provides a framework for
effective contract administration, focussing on process, output, and outcome.
Describes how the contract will be administered and managed during its
existence. Typically includes information such as the contracting officer's tasks
and responsibilities, reporting requirements, invoicing procedures, compliance
standards, and any special terms and conditions.
Performance Assessment Plan (PAP) - Answer Based on the contract's technical
requirements and terms and conditions, the entity ensures that it receives the
goods or services to which it is entitled. The focus is on reviewing and assessing
the contractor's performance during contract execution. Used to assess how
successfully the contractor fulfils the requirements and objectives. Typically
defines the performance standards, criteria, and metrics that will be utilised to
evaluate performance. Performance milestones, quality standards, and
evaluation techniques may all be present.
Main difference between CAP and PAP - ANSWER CAP is largely concerned
with the general management of a contract, whereas PAP is expressly designed
to assess and evaluate the contractor's performance against contract-defined
standards and criteria.
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 luzlinkuz. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now