AAFC_Week Three Flashcards
How many essential elements must be present for a contract to exist?
6
What are the 6 essential elements that must be present for a contract to exist?
Mutual Assent Consideration Capacity Lawful purpose Certainty of Terms Form Provided by Law
In Federal contracting, who has the authority to enter into procurement contracts on behalf of the government?
Contracting Officers
What does the acronym CLIN stand for?
Contract Line Item number
What is a provision?
a term or condition used only in solicitations and applying only before contract award.
What is a clause?
a term or condition used in contracts or in both solicitations and contracts, and applying after contract award or both before and after award.
What is mutual assent?
Meeting of the Minds
What is consideration?
Each party receives something of value and gives something of value
What is capacity?
A party must have the capacity to understand and appreciate the terms of the contract
A child or someone who is drunk does not have the capacity to enter into a contract
What is an unauthorized commitment?
An agreement that is not binding solely because the government representative who made it lacked the authority to enter into that agreement on behalf of the government
What is a Quality Assurance Surveillance Plan (QASP)?
The purpose of the QASP is to provide the Government and contractor with evaluation criteria that determines whether or not the performance standards for a specific contract have been met.
