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Study Guide CPPB Domain IV - Contract Development and Management Questions and Answers

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dy Guide CPPB Domain IV - Contract Development and Management Questions and Answers 6 Elements of a Contract - CORRECT ANSWER-1)Offer and Acceptance 2)Definiteness 3)Legal Consideration 4)Mutuality of Obligation 5)Competent Parties 6)Legal Purpose Element of a Contract: Offer a...

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study guide cppb domain iv contract development
6 elements of a contract
element of a contract legal consideration

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Study Guide CPPB Domain IV - Contract
Development and Management
Questions and Answers
6 Elements of a Contract - CORRECT ANSWER-1)Offer and Acceptance
2)Definiteness 3)Legal Consideration 4)Mutuality of Obligation 5)Competent Parties
6)Legal Purpose

Element of a Contract: Offer and Acceptance - CORRECT ANSWER-A promise or
comittment to do, or not do, a specified thing in the future. Example: provide a good or
service. An acceptance is a promise to do something in response to an offer.

Element of a Contract: Definiteness - CORRECT ANSWER-The material terms of an
agreement that are specifically expressed. Specificity is required because agreements
that are vague cannot be enforced.

Element of a Contract: Legal Consideration - CORRECT ANSWER-Something of
consideration which is exchanged between parties that serves to form or bind a
contract. Usually considered an exchange of money for goods/services.

Element of a Contract: Mutuality of Obligation - CORRECT ANSWER-All parties to an
agreement are obligated or none of the parties are obligated.

Element of a Contract: Competent Parties - CORRECT ANSWER-Classes of persons
that the law deems are capable of entering into an agreement. Those capable of making
independent decisions.

Element of a Contract: Legal Purpose - CORRECT ANSWER-The law will not enforce
agreements which are for illegal acts. An agreement can only be for what is allowed by
law.

Type of Contract: Express Contract - CORRECT ANSWER-Written or oral and is
created when the formal elements for establishing a contract exist. Terms and
Conditions are considered express. They include everything the parties deem important.

Type of Contract: Implied-In-Fact Contract - CORRECT ANSWER-Occurs when some
of the formal contractual elements occur through a person's conduct rather than being
explicitly stated in words.

Contract Administration Plan (CAP) - CORRECT ANSWER-Provides the framework for
effective contract administration with an emphasis on process, output, and outcome.
Focuses on how the contract will be administered and managed throughout its lifecycle.

, Typically includes details such as the roles and responsibilities of the contracting officer,
reporting requirements, invoicing procures, compliance requirements, and any specific
terms and conditions.

Performance Assessment Plan (PAP) - CORRECT ANSWER-Based on the technical
requirements and terms and conditions of the contract and ensures that the entity is
receiving the supplies or services to which it is entitled. Focused on evaluating and
assessing the contractor's performance during the execution of the contract. Used to
measure how well the contractor is meeting the requirements and objectives. Typically
outlines the performance standards, criteria, and metrics that will be used to assess the
performance. May include performance milestones, quality standards, and evaluation
methods.

Main Difference between CAP and PAP - CORRECT ANSWER-CAP is primarily
concerned with overall management of a contract, while PAP is specifically designed to
measure and evaluate the contractor's performance against predefined standards and
criteria outlined in the contract.

Surveillance Techniques - CORRECT ANSWER-Provide for the monitoring and
evaluating of all contract requirements through a combination of methods such as
sampling, checklists, performance requirement summary lists, or other information.

Contract Risk: Proposal Risk - CORRECT ANSWER-Does the contract document and
the specifications adequately describe the desired services or goods?

Contract Risk: Surety/Liability Risk - CORRECT ANSWER-Does the contract document
adequately protect the entity's financial and legal interest? Example: surety bonds,
worker's compensation insurance, indemnification

Contract Risk: Contractual Risk - CORRECT ANSWER-How will disputes and contract
changes be handled?

Contract Risk: Schedule Risk - CORRECT ANSWER-What are the delivery time period
requirements?

Contract Risk: Performance Risk - CORRECT ANSWER-How is acceptance of the
goods/services defined?

Contract Risk: Price Risk - CORRECT ANSWER-What are the payment terms?

First Step After Post Award Conference - CORRECT ANSWER-Procurement
professional should produce a formal report summarizing the major issues and should
identify any issues not resolved or requiring additional action.

Progressive Steps for Dealing with Poor Performance - CORRECT ANSWER-1)Project
mgr or owner/entity rep attempts to resolve problem by working directly with contractor's

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