Contract Practice Flashcards
1
Q
What is a contract?
A
It is a legally binding promise between 2 or more parties comprising: offer, acceptance, intention, and consideration.
2
Q
How did you value Materials on Site on the Throgmorton House project?
A
In this instance it was MVHR units and associated ductwork. Because I judged the materials, based on comparable project data, to cost a significant amount, I judged 40% completion to be fair and reasonable.
