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CON 1100V UNIT 3 fully solved 2025(GUARANTEED SUCCESS).
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CON 1100V UNIT 3 fully solved 2025(GUARANTEED SUCCESS).
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CON 1100V UNIT 3 fully solved2025(GUARANTEED SUCCESS).
4 Essential Elements in Contracting include: - answer 1. Capacity
2. Mutual Assent
3. Consideration
4. Lawful Purpose
Federal Acquisition Regulation (FAR) is: - answer a mutually binding
legal relationship obligating the seller to provide supplies/services,
and the buyer to pay for them (FAR 2.101).
Capacity refers to: - answer legal competence of people to enter
valid contracts.
Once legally bound to the contract, parties must have the capacity
to: - answer understand and appreciate the terms of the contract.
Anyone over the age of 18, who is of sound mind, has the capacity
to: - answer enter into rental agreement.
Legal Incapacity/Incompetence are: - answer the legal doctrines
employed to protect parties who lack the ability to understand the
terms of an agreement.
Mutual Assent occurs when: - answer both parties of an apartment
rental agreement have the same contract and must exercise due
diligence to ensure they understand terms/conditions.
, Consideration is: - answer something of value that a promisor
receives from a promisee in return for his/her offer.
Consideration can take 4 forms: - answer 1. Money
2. Promise
3. Action/Nonaction
4. Property
Without consideration, a contract is: - answer not enforceable.
In an apartment scenario, consideration lodges in accordance with
the terms & conditions of - answer the contract and monthly rent
payment.
Lawful Purpose occurs when: - answer a contract is unenforceable if
any term of an agreement contrasts public policy.
Public/Government Policies involve: - answer 1. Public Morals
2. Health
3. Safety
4. Welfare
A contract CANNOT be enforced if: - answer 1. 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: - answer 1. Actual (eg: Expressed,
Implied)
2. Apparent
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