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Legal aspects exam questions well answered to pass
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Legal aspects exam questions well answered to pass
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Legal aspects examThe right or authority granted over a geographical region: - correct answer ✔✔Jurisdiction
Type of law which is written and set by our governmental legislature: - correct answer ✔✔Statute Law
Which type of contracts do we typically use in construction (hint, there are 2) - correct answer
✔✔Bilateral and Express
A term which indicates a contract can become binding in spite of no formal agreement being in place - a
contract exists based mostly on actions/behaviors of parties. - correct answer ✔✔Estoppel
A contract element which allows for agreement on basic meaning and legal implications of the contract,
and eliminates "mistakes of fact" prior to entering into contract: - correct answer ✔✔Meeting of the
minds
A government entity (not in all states) cannot be sued without its consent due to: - correct answer
✔✔Sovereign Immunity
T or F: To form a Proprietorship, formal documents are required to establish the business. - correct
answer ✔✔False
T or F: An oral agreement is a sufficient means of forming a Partnership (meaning no formal
documentation is required). - correct answer ✔✔True
A legal entity (or business) created to act as an individual, and is also viewed as an artificial tax-paying
individual. - correct answer ✔✔corporation
, Contracting method where an owner hires a Contractor and Design Firm (Architect/Engineer) as a single
contract to utilize the construction firm's experience in the designing phases. - correct answer
✔✔Design/build
GC or CM at risk: High risk/ High reward - correct answer ✔✔GC
GC or CM at risk: More open-book style of cost control. - correct answer ✔✔CM at risk
GC or CM at risk: Allows for Contractor input during design - correct answer ✔✔CM at risk
GC or CM at risk: Plans and Specs should be close to 100% complete before construction starts (or before
Contractor sees them at least) - correct answer ✔✔GC
GC or CM at risk: Incentivizes Contractor to abuse Subs, cut corners and look for loopholes - correct
answer ✔✔GC
GC or CM at risk: May risk losing money in pre-construction due to amount of time spent on it and not
see the project actually take place - correct answer ✔✔CM at risk
GC or CM at risk: Seen as having a stronger and fair market competition for bidding. - correct answer
✔✔GC
GC or CM at risk: Low Risk/Low Reward - correct answer ✔✔CM at risk
GC or CM at risk: Typically stronger relationship environment between the Owner/AE/Contractor -
correct answer ✔✔CM at risk
Which type of lien waiver states that full payment has been received and there is no claim of lien against
the homeowners' property. - correct answer ✔✔Full Unconditional
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