CON 1100V UNIT 3 questions and answers with solutions 2024/25

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.