Exam (elaborations)
Legal aspects exam questions well answered to pass
- Course
- Institution
Legal aspects exam questions well answered to pass
[Show more]
Content preview
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
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 BravelRadon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now