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CON 1100V UNIT 3 Correct Questions & Answers(RATED A)

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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 ...

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CON 1100V UNIT 3 Correct Questions &
Answers(RATED A)
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

DOD continually acquires and maintains its capabilities to be: - ANSWER 1. Better
2. Faster
3. Cheaper

FAR Part 10 Market Research: - ANSWER requires Government agencies to conduct
market research before developing new documents for acquisition & on an ongoing
basis to identify market capabilities & new entrants into contracting.

FAR Part 12 Acquisition of Commercial Items: - ANSWER requires market research to
be conducted to determine the availability of commercial items/services or non-
developmental items that can meet requirements.

Why do you think the Government's preference is for the acquisition of commercial
items? - ANSWER 1. Cost Savings
2. Time Savings
3. Access to Newer Technology

If an item is already available in the commercial marketplace: - ANSWER 1.
Government can & will avoid design costs.
2. Items are delivered much faster than noncommercial items.

Commercial Marketplace is: - ANSWER ahead of the Government in electronics.

It is in the Government's best interest to: - ANSWER take advantage of the technologies
available in the commercial marketplace.

Strategic Market Research: - ANSWER 1. Is conducted continuously.

2. Enables acquisition, engineering, project management, and other personnel to stay
informed.

Tactical Market Research: - ANSWER 1. Is conducted at specific points during the
acquisition process.

2. Is designed to provide a deeper understanding of the market.

3. Answers specific questions about capabilities, products, & services available in the
market.

Data collected during the market research will affect the: - ANSWER 1. Acquisition
Strategy
2. Requirements

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