Contract Administration Flashcards
Quiz
It is a legally binding or valid agreement between two parties.
CONTRACT
Oversee projects from the start to completion, ensuring that work is completed on time and within its budget.
CONTRACT ADMINISTRATOR
The first point of contact for members of the public , clients, site managers and sub-contractors.
CONTRACT ADMINISTRATOR
HOW TO CREATE A CONTRACT?
AGREEMENT + ENFORCEABLE BY LAW = CONTRACT
7 FUNDAMENTAL CRITERIA OF CONTRACT MANAGEMENT
- Creation
- Negotiation
- Adherence
- Service Level Agreement
- Managing Changes
- Documenting
- Analyzing
ELEMENTS OF CONTRACT
- Offer
- Acceptance
- Consideration
- Mutuality of Obligation
- Competency and Capacity
- Consent
An _______ is a promise to act or refrain from acting, which is made in exchange for a return promise to do the same.
OFFER
___________ of an offer is the expression of assent to its terms. It must generally be made in the manner specified by the offer.
ACCEPTANCE
The value exchanged need not consist of currency. Instead, it may consist of a promise to perform an act that one is not legally required to do or a promise to refrain from an act that one is legally entitled to do.
CONSIDERATION
Under this doctrine, both parties must be bound to perform their obligations or the law will treat the agreement as if neither party is bound to perform.
MUTUALITY OBLIGATION or INTENTION OF LEGAL CONSEQUENCE
A natural person who enters a contract possesses complete _________ to be held liable for the duties he or she agrees to undertake, unless the person is a minor, mentally incapacitated, or intoxicated.
LEGAL CAPACITY
Not every contract need be in writing to be valid and binding on both parties. But nearly every state legislature has enacted a body of law that identifies certain types of contracts that must be in writing to be enforceable
CONSENT
TYPES OF CONTRACTS BASED ON VALIDITY
- Valid Contract
- Void Agreement
- Void Contract
- Void-able Contract
- Contract un’enforceable by law
Complies with all essentials of contract and is enforceable on all parties.
Valid Contract
An agreement not enforceable by law.
VOID AGREEMENT
contract which is legally enforceable when entered but become _______ due to supervening impossibility of performance.
VOID CONTRACT
contract becomes void due to :
- ) Legally performance becomes impossible
2. ) Physically performance becomes impossible
3.) When an option of rejection is used in voidable contract
an agreement which is enforceable by law at the option of one or more of the parties but not at the option of other.
Voidable Contract
contract which is good in substance but because of some technical defect cannot be enforced by law.
CONTRACT UN’ENFORCEABLE BY LAW
TYPES OF CONTRACT BASED ON FORMATION
- Express Contract
- Implied Contract
- Quasi Contract
It is a expression or conversation.
It may be written or in oral form.
EXPRESS CONTRACT
It is a legally-binding obligation that derives from the actions, conduct, or circumstances of one or more parties in an agreement.
implied contract
It is created by the court when no official agreement exists between the parties, in disputes over payments for goods or services
quasi contract
TYPES OF CONTRACT BASED ON PERFORMANCE
- Unilateral Contract
- Bilateral Contract
- Executory Contract
- Executed Contract
It is a contract agreement in which an offeror promises to pay after the occurrence of a specified act.
unilateral contract
It is an agreement between two parties in which each side agrees to fulfill his or her side of the bargain.
bilateral contract
It’s a contract between a debtor and another party under which both sides still have important performance remaining.
EXECUTORY CONTRACT
It is a legal document that has been signed off by the people necessary for it to become effective.
EXECUTED CONTRACT
CATEGORIES OF OF CONTRACTS
- Fixed Price
- Cost Reimbursement
- Time and Materials
FIXED PRICED
- ) Firm- Fixed Price
- ) Firm-Price with Economic Price Adjustment
- ) Fixed Price Incentives
Cost Reimbursement
- ) Cost Plus Incentive Fee
- ) Cost Plus Fixed Fee
- ) Cost Plus Award Fee
- ) Cost Plus Percentage of Cost
- ) Cost Sharing
Time and Materials
Time and Materials
Unit Price
It is a legal cause of action and a type of civil wrong, in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party’s performance.
Breach of Contract
TYPES OF BREACH OF CONTRACT
- ) Anticipatory Breach
2. ) Actual Breach
Occurs when a party demonstrates his intention to break a contract.
ANTICIPATORY BREACH OF CONTRACT
Occurs when during the performance of the contract , one party fails or refuse to perform his promise under the contract.
Actual Breach of Contract
REMEDIES FOR BREACH OF CONTRACT
- Recession of the Contract
- Quantum Merit
- Specific Performance
- Injuction
- Liquidated Damages
the act of the party rescinding, and not of the court, although, it is common to speak of a court ‘setting aside’ or rescinding a contract.
Recession of the contract
a reasonable sum of money to be paid for services rendered or work done when the amount due is not stipulated in a legally enforceable contract.
Quantum Meruit
It is an order of a court which requires a party to perform a specific act, usually what is stated in a contract.
SPECIFIC PERFORMANCE
It is an alternative to awarding damages and is classed as an equitable remedy commonly used in the form of injunctive relief concerning confidential information or real property.
Specific Performance
____________ means that one of the parties to a certain action must either do something or refrain from doing something.
Once the court makes its decision, the parties must abide by the ruling. If the party fails to adhere to the injunction, there can be stiff monetary penalties and even imprisonment in certain instances.
Injunction
Sum of money (agreed-to and written into a contract) specified as the total amount of compensation an aggrieved party should get, if the other party breaches certain part of the contract.
Liquidated Damage
