Exam (elaborations)
Construction Contracts by Hinze Exam Questions And 100% Correct Answers
- Course
- Institution
Construction Contracts by Hinze Exam Questions And 100% Correct Answers...
[Show more]
Content preview
Construction Contracts by Hinze Exam Questions And 100%Correct Answers
Excluding _______________, the construction industry can be credited with most of the
reshaping of the earth's surface. (ch 1) - Answer agriculture
Contractors are resource managers. Name the 5 resources. Which is most important?
Why? (ch 1) - Answer Labor, materials, equipment, money, and time
Labor is most important because it is responsible for the greatest fluctuation in total
anticipated costs.
What are the 4 categories of construction projects? (ch 1) - Ans 1. housing
2. non-residential
3. engineering
4. industrial
What is the Davis Bacon Act? (ch 1) - Ans requires the local prevailing wages to be paid
on federal projects.
What is an assignment? (ch 3) - Ans when one party to an agreement transfer the
rights/obligations to another party who was not originally involved in the agreement. aka
transfer.
See chapter 3: Nature of Contracts
What is brokerage? (ch 2) - Answer When a general contractor subcontracts all the
work on a project. Not usually beneficial to the owner. Chapter 2
What is a separate contracts method? (ch 2) - Answer When the owner acts as the
,general contractor. The owner lets contracts directly to specialty contractors for
various portions of the work instead of having one general contractor. aka multiple
prime contracts. Chapter 2
When are separate contracts method advisable? (ch 2) - Answer When there is a
competent construction manager/engineer to administer the various contracts. Not
advisable when many work items are involved. Chapter 2
What are five construction contracting methods? (ch 2) - Answer 1. General contract
method
2. Separate contract method
3. Self-performance method
4. Design-build method
5. Professional construction management method
Chapter 2
What is the general contract method? (ch 2) - Answer Contract drawn up between the
owner and a general contractor.
What is the separate contract method? (ch 2) - Answer When the owner essentially acts
as the general contractor. He lets contracts directly to specialty contractors.
What is Common law? (ch 3) - Answer This law is based largely on tradition or accepted
practice over an extended course of time.
When does a contract become "executed"? (ch 3) - Answer When both parties to the
agreement have fully performed in accordance with the contract terms. When the
contractor has completed the construction in accordance with the contract documents,
and the owner as paid them for the work. Chapter 3
When does a contract become "executory"? (ch 3) - Answer When some portion of the
agreement remains to be done. Chapter 3
,When would a contract be said to be "entirely executory on the part of both parties"? -
Answer When either party has performed the obligations of the contract under
consideration.
What is a Bilateral Contract? (ch 3) - Answer An agreement created by mutual promises
made by the contracting parties. Each party plays two roles: promisor and promisee.
Most construction contracts are bilateral in which that the contractor promises to
perform the construction as specified, and the owner promises to pay a stated amount
for the work. Chapter 3
What is a unilateral contract? (ch 3) - Answer One-sided contract. Only one of the
contracting parties makes a promise, while the other exchanges something other than a
promise - most commonly some stated performance. Chapter 3
What is an express contract? (ch 3) - Answer When the terms of agreement (verbal or
written) are clear, concise, explicit and definite. All written agreements could be
classified as being express. Chapter 3
Implied Contract?-Ch 3: What the terms of agreement will not be clearly spelled out but
implied through interference and deduction. The terms of the contract must be implied
from actions of contracting parties ex. when you pay $2 to attendant to park in the
parking lot. Chapter 3
If the contract is considered ________, _________, or _________ each party has a liability
separate from that of any other parties. (ch 3) - Anwser several, separate, or severed
For a contract to be valid it must meet all 5 of these criterias. (ch 3) - Answer 1. Offer
and acceptance
2. Meeting of the minds
3. Consideration
4. Lawful subject matter
5. Competent parties
, What is lawful subject matter? (ch 3) - Answer The subject needs to be definite and
clearly defined.
What is estoppel? (ch 3) - Answer A principle whereby a contract becomes binding
despite that no formal agreement was made.
What is sovereign immunity? (ch 3) - Answer Means the government entity cannot be
sued without its consent.
ch 3 Who makes the offer and who accepts in construction - Answer The contractor
makes the offer bid proposal and the owner accepts or counteroffers.
What is the underlying purpose of the contract? ch 3 - Answer To have meeting of the
minds
What is meeting of the minds? ch 3 - Answer When contracting parties agree on the
basic meaning and legal implications of the contract.
Can a contractor be nullified if there was no meeting of the minds? (ch 3) - Answer Yes
What is consideration? (ch 3) - Answer Something of value
Who may not enter into a contract? (ch 3) - Answer A minor, insane person, or a drunk
person
True or false? (ch 3)
Contracts need to be in writing to be binding. - Answer False
Contract award on public works project is awarded to the ________________. (ch 9) -
Answer Lowest responsible and qualified bidder submitting a regular bid.
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 Easton. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76710 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now