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CON 1100V Unit 3 (Latest Update) With Complete Solutions.
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CON 1100V Unit 3 (Latest Update) With Complete Solutions.
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CON 1100VCON 1100V Unit 3 (Latest Update)
With Complete Solutions.
4 Essential Elements in Contracting include: - ✔✔✔ - 1. Capacity
2. Mutual Assent
3. Consideration
4. Lawful Purpose
Federal Acquisition Regulation (FAR) is: - ✔✔✔ - 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: - ✔✔✔ - legal competence of people to enter valid contracts.
Once legally bound to the contract, parties must have the capacity to: - ✔✔✔ - understand and
appreciate the terms of the contract.
Anyone over the age of 18, who is of sound mind, has the capacity to: - ✔✔✔ - enter into
rental agreement.
Legal Incapacity/Incompetence are: - ✔✔✔ - the legal doctrines employed to protect parties
who lack the ability to understand the terms of an agreement.
Mutual Assent occurs when: - ✔✔✔ - both parties of an apartment rental agreement have the
same contract and must exercise due diligence to ensure they understand terms/conditions.
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, CON 1100V
Consideration is: - ✔✔✔ - something of value that a promisor receives from a promisee in
return for his/her offer.
Consideration can take 4 forms: - ✔✔✔ - 1. Money
2. Promise
3. Action/Nonaction
4. Property
Without consideration, a contract is: - ✔✔✔ - not enforceable.
In an apartment scenario, consideration lodges in accordance with the terms & conditions of -
✔✔✔ - the contract and monthly rent payment.
Lawful Purpose occurs when: - ✔✔✔ - a contract is unenforceable if any term of an agreement
contrasts public policy.
Public/Government Policies involve: - ✔✔✔ - 1. Public Morals
2. Health
3. Safety
4. Welfare
A contract CANNOT be enforced if: - ✔✔✔ - 1. Any term of the agreement is against the law.
2. Enforcement of any term of the agreement would harm the state or its citizens.
Types of Authority include: - ✔✔✔ - 1. Actual (eg: Expressed, Implied)
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