CON 3990 Exam Questions and Answers
|Grade A+
What is the Micro-purhcase threshold for supplies? - Answer-$10k
All incentive contracts (schedule or performance) must also include what? - Answer-Cost incentive or
constraint
What requires funds to be used only for needs or services in the year o...
statement of how agency may remove comp barriers in the future
KO certification
What are the thresholds for J&A approval - Answer✔✔-under $750 - KO approval
over $750k and under $100M - HCA
over $100M - senior procurement executive
What are the basic elements required for a contract to be legally binding (4) - Answer✔✔-mutual assent
(valid offer and acceptance)
adequate consideration
capacity
legality
What is implied actual authority? - Answer✔✔-authority to do what is usual, customary and necessary
to accomplish the action
Implied actual authority differs from express actual authority in that no express agreement is executed
(e.g., when an individual is assigned a task to accomplish but the minor details are not spelled out either
verbally or in writing, this is an example of implied actual authority).
What is express actual authority? - Answer✔✔-is created by explicit language, either in writing or verbal.
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