Contract Types

Contract Types

University

20 Qs

quiz-placeholder

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Contract Types

Contract Types

Assessment

Quiz

Other

University

Hard

Created by

Veronica Boaz

Used 4+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Once signed, a contract is legally binding unless

One party is unable to perform

One party is unable to finance its part of the work

It is in violation of applicable law

IT is declared null and void by either party's legal counsel

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

With a clear procurement statement of work, a seller completes work as specified, but the buyer is not pleased with the results. The contract is considered to be:

Null and void

Incomplete

Complete

Waived

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following statements concerning procurement documents are incorrect except:

Well-designed procurement documents can simplify comparison of responses

Procurement documents must be rigorous with no flexibility to allow consideration of seller suggestions

In general, procurement documents should not include selection criteria

Well-designed procurement documents do not include a procurement statement of work

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A project manager for the seller is told by her management that the project team should do whatever possible to be awarded incentive money. The primary objective incentive clauses in a contract is to:

Reduce costs for the buyer

Help the seller control costs

Synchronize objectives

Reduce risk for the seller by shifting risk to the buyer

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A routine audit of a cost reimbursable (CR) contract determines that overcharges are being made. If the contract does not specify corrective action, the buyer should:

Continue to make project payments

Halt payments until the problem is resolved

Void the contract and start legal action to recover overpayments

Change the contract to require more frequent audits

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A seller is working on a cost reimbursable contract when the buyer decides to expand the scope of work and change to a fixed price contract. All of the following are the seller's options EXCEPT

Completing the original work on a cost reimbursable contract basis and then negotiating a fixed price contract for the extra work.

Completing the original work and rejecting the additional work

Negotiating a fixed price contract that includes the work

Starting over with a new contract

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Bidder conferences are part of

Plan procurement

Administer procurements

Conduct procurements

Communications management

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