CMGT Study Guide Exam 2 UPDATED Questions and CORRECT Answers
8 views 0 purchase
Course
CMGT
Institution
CMGT
CMGT Study Guide Exam 2 UPDATED
Questions and CORRECT Answers
A contract is
a. Something of value given by one party to another in change for something else
b. The ability of each party to have mutual agreement
c. A legally binding agreement between both parties
d. Never written down or doc...
CMGT Study Guide Exam 2 UPDATED Questions and CORRECT Answers A contract is a. Something of value given by one party to another in change for something else b. The ability of each party to have mutual agreement c. A legally binding agreement between both parties d. Never written down or documented - CORRECT ANSWER - c Issues that impact the choice of contract include all EXCEPT: Risk allocation The type of project The project's delivery method A breach of contract - CORRECT ANSWER - d a specified amount of work provided by the contractor for a set price known up front - CORRECT ANSWER - Lump Sum Contract the owner reimburses the contractor for actual costs and pays a fee for overhead and profit - CORRECT ANSWER - Cost Plus a Fee Contract the owner is invoiced for actual expenditures and reduces the owners risk - CORRECT ANSWER - Cost Plus a Guaranteed Maximum Price Contract The contractor bids a fixed unit price and, at the completion of the job, the total quantities are determined and payment is made to the contractor based on actual quantities - CORRECT ANSWER - Unit Price Contract The bid documents and the contract documents include all except: Change orders Drawings TH General Conditions Addenda - CORRECT ANSWER - a Changes made to the work before the bids are submitted are called addenda - CORRECT ANSWER - True Signatures are not evidence of mutual agreement - CORRECT ANSWER - False Failure to complete a job on time can result in Salary Increase Liquidated Damages Exclusions Letter Agreements - CORRECT ANSWER - b Letter agreements can be a simple exchange of suitable letters. - CORRECT ANSWER - true Where can you buy a standardized agreement form? Wal-Mart Stationary Store AIA website From the contractor - CORRECT ANSWER - b
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 MGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
