11/4/24, 3:10 PM CON 1100V UNIT 3 |2024-2025 Update|COMPLETE MOST-TESTED QUESTIONS AND VERIFIED ANSWERS (100% Correct…
CON 1100V UNIT 3 |2024-2025
Update|COMPLETE MOST-TESTED QUESTIONS
AND VERIFIED ANSWERS (100% Correct
answers)|GET IT 100% ACCURATE!!
Terms in this set (58)
1. Capacity
4 Essential Elements in 2. Mutual Assent
Contracting include: 3. Consideration
4. Lawful Purpose
a mutually binding legal relationship obligating the
Federal Acquisition
seller to provide supplies/services, and the buyer to
Regulation (FAR) is:
pay for them (FAR 2.101).
legal competence of people to enter valid
Capacity refers to:
contracts.
Once legally bound to understand and appreciate the terms of the
the contract, parties must contract.
have the capacity to:
Anyone over the age of enter into rental agreement.
18, who is of sound mind,
has the capacity to:
Legal the legal doctrines employed to protect parties
Incapacity/Incompetenc who lack the ability to understand the terms of an
e are: agreement.
both parties of an apartment rental agreement have
Mutual Assent occurs
the same contract and must exercise due diligence
when:
to ensure they understand terms/conditions.
something of value that a promisor receives from a
Consideration is:
promisee in return for his/her offer.
, 11/4/24, 3:10 PM CON 1100V UNIT 3 |2024-2025 Update|COMPLETE MOST-TESTED QUESTIONS AND VERIFIED ANSWERS (100% Correct…
1. Money
Consideration can take 4 2. Promise
forms: 3. Action/Nonaction
4. Property
Without consideration, a not enforceable.
contract is:
In an apartment scenario, the contract and monthly rent payment.
consideration lodges in
accordance with the
terms & conditions of
Lawful Purpose occurs a contract is unenforceable if any term of an
when: agreement contrasts public policy.
1. Public Morals
Public/Government 2. Health
Policies involve: 3. Safety
4. Welfare
1. Any term of the agreement is against the law.
A contract CANNOT be
2. Enforcement of any term of the agreement would
enforced if:
harm the state or its citizens.
Types of Authority 1. Actual (eg: Expressed, Implied)
include: 2. Apparent
1. Enter into, administer, or terminate contracts.
2. Make related determinations and findings.
Contracting Officers:
3. May bind or obligate the Government only to the
extent of authority delegated to them.
Express Actual Authority When buying a car, you and a salesman agree on a
Example: price and you tell them to write up a contract.
differs from express actual authority in that no
Implied Actual Authority:
express agreement is executed.
1. Usual
Authority must do what
2. Customary
is:
3. Necessary
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