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The Procurement School

June 22, 2021 by Dan

PSPP101-Post-course Assessment 2

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Question 1 of 5

1. Question

What are the 6 essential elements of a legally binding contract?

Capacity, consideration, substance, legality, intention and liquidity.

Capacity, consideration, substance, legality, intention and differentiation.

Offer, acceptance, substance, differentiation, legality and capacity.

Offer, acceptance, intention, consideration, legality and capacity.

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Question 2 of 5

2. Question

In order for a legal contract to be enforceable, what must be exchanged?

Something of value (consideration).

Notarized contract documents (legality).

Written terms and conditions of the contract (substance).

Notice of intent to contract (intention).

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Question 3 of 5

3. Question

When is Contract A (the bid contract) formed?

At the time of solicitation closing with all compliant respondents.

At the time of solicitation posting with all potential respondents.

With each respondent at the time their response is received.

With each respondent at the time of public opening of responses.

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Question 4 of 5

4. Question

What kind of tool is a Request for Proposals(RFP)?

Market sounding tool.

Prequalification tool.

Competitive contracting tool.

Direct award tool.

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Question 5 of 5

5. Question

How is competitive contracting law different from regular contract law?

Competitive contracting law only applies to contracts valued at more than $50,000.

Competitive contracting law applies to public sector contracts only.

Competitive contracting law creates binding obligations when vendors submit compliant offers.

Competitive contracting law creates non-binding obligations when vendors submit offers later found to be in error.

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