Exam (elaborations)
Block 1 - Contracting Fundamentals fully solved 2025(GUARANTEED SUCCESS).
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Block 1 - Contracting Fundamentals fully solved 2025(GUARANTEED SUCCESS).
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Block 1 - ContractingFundamentals fully solved
2025(GUARANTEED SUCCESS).
Acquiring by contract with appropriated funds of supplies or
services (including construction) by and for the use of the federal
government - answer Acquistion
Any executive department, military department or defense agency,
or other agency or independent establishment of the executive
branch - answer Agency
Notification by the government that it is entering into a contract
with a private party - answer Award
Offer by the government to buy supplies or services, including
construction and research and development, upon specified terms
and conditions, using simplified acquisition procedures - answer
Purchase Order
Order for supplies placed against an established contract or with
government sources - answer Delivery Order
Mutually binding legal relationship obligating the seller to furnish
the supplies or services (including construction) and the buyer to
pay for them - answer Contract
Contract in which parties exchange promises to perform reciprocal
obligations in the future - answer Bilateral Contract
,Expected outcome of an acquisition that, in the government's
estimation, provides the greatest overall benefit in response to the
requirement - answer Best Value
Item, other than real property, that is of a type customarily used for
non-governmental purposes and that has been sold, leased, or
licensed to the general public - answer Commercial Item
Primary document in the federal acquisition regulations system
containing uniform policies and procedures that govern the
acquisition activity of all federal agencies - answer Federal
Acquisition Regulation (FAR)
Expresses what is mandatory or binding, and denotes the
imperative - answer Shall (Must/Will)
Means an expected course of action or policy that is to be followed
unless inappropriate for a particular circumstance - answer Should
(highly encouraged)
Denotes the permissive - answer May (at Discretion)
Means $150,000, unless used to support a contingency operation or
to facilitate defense against or recovery from NCBR attack= 300K
CONUS or 1M OCONUS - answer Simplified Acquisition Threshold
(SAT)
Methods for making purchases that does not exceed SAT - answer
Simplified Acquisition Procedures
Responsible for implementing laws passed by legislature - answer
Executive Branch
, Passes Laws - answer Legislative Branch
Interprets Laws - answer Judicial Branch
Four Sources of Federal Contract law - answer CSAC (Constitution,
Statutes, Administrative law, Common law)
Based on sovereignty, to enter into contracts - answer Inherent
Power
As necessary, for the proper performance of its duties - answer
Implied Power
Executive Orders fall under this one of the four sources of contract
law - answer Administrative Law
6 Essential elements of a Contract - answer OACELC (Offer,
Acceptance, Consideration, Execution by competent parties,
Legality of purpose, Clear terms and conditions) "Only Airman Can
Execute Legal Contracts"
Legally binding promise made by one party to another to enter into
a contractual agreement - answer Offer
Act of accepting an offer. To be binding the offer must be: Definite,
Communicated, Unconditional - answer Acceptance
Anything of value that changes hands between the parties to a
contract - answer Consideration
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