CON 1100V UNIT 3 exam 2024/2025 with 100% correct answers
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Course
CON 1100V UNIT 3
Institution
CON 1100V UNIT 3
4 Essential Elements in Contracting include: correct answers1. Capacity
2. Mutual Assent
3. Consideration
4. Lawful Purpose
Federal Acquisition Regulation (FAR) is: correct answersa mutually binding legal relationship obligating the seller to provide supplies/services, and the buyer to pay fo...
4 Essential Elements in Contracting include: correct answers1. Capacity
2. Mutual Assent
3. Consideration
4. Lawful Purpose
Federal Acquisition Regulation (FAR) is: correct answersa mutually binding legal relationship obligating
the seller to provide supplies/services, and the buyer to pay for them (FAR 2.101).
Capacity refers to: correct answerslegal competence of people to enter valid contracts.
Once legally bound to the contract, parties must have the capacity to: correct answersunderstand and
appreciate the terms of the contract.
Anyone over the age of 18, who is of sound mind, has the capacity to: correct answersenter into rental
agreement.
Legal Incapacity/Incompetence are: correct answersthe legal doctrines employed to protect parties who
lack the ability to understand the terms of an agreement.
Mutual Assent occurs when: correct answersboth parties of an apartment rental agreement have the
same contract and must exercise due diligence to ensure they understand terms/conditions.
Consideration is: correct answerssomething of value that a promisor receives from a promisee in return
for his/her offer.
Consideration can take 4 forms: correct answers1. Money
2. Promise
3. Action/Nonaction
, 4. Property
Without consideration, a contract is: correct answersnot enforceable.
In an apartment scenario, consideration lodges in accordance with the terms & conditions of correct
answersthe contract and monthly rent payment.
Lawful Purpose occurs when: correct answersa contract is unenforceable if any term of an agreement
contrasts public policy.
Public/Government Policies involve: correct answers1. Public Morals
2. Health
3. Safety
4. Welfare
A contract CANNOT be enforced if: correct answers1. Any term of the agreement is against the law.
2. Enforcement of any term of the agreement would harm the state or its citizens.
Types of Authority include: correct answers1. Actual (eg: Expressed, Implied)
2. Apparent
Contracting Officers: correct answers1. Enter into, administer, or terminate contracts.
2. Make related determinations and findings.
3. May bind or obligate the Government only to the extent of authority delegated to them.
Express Actual Authority Example: correct answersWhen buying a car, you and a salesman agree on a
price and you tell them to write up a contract.
Implied Actual Authority: correct answersdiffers from express actual authority in that no express
agreement is executed.
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