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Leadership Vocabulary > Guidance Principles > Flashcards

Guidance Principles Flashcards

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1
Q

The act, either verbal or written, that conveys assent to contractual terms and
conditions

A

Acceptance

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2
Q

An agent’s (see principal-agent relationship) specific authority that the
principal intentionally confers on the agent; confers a power to the agent to affect legal relations of the principals with third parties

A

Actual authority

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3
Q

The appearance of being a principal’s agent (see principal-agent
relationship) with the power to act for the principal; corporations are liable for an employee’s acts and promises to a third party if it appears to the third party that the employee has been granted authority by his or her corporate employer (principal) to do those acts that bind the
corporation

A

Apparent authority:

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4
Q

The act of setting aside money for specific federal government departments, agencies, and programs

A

Appropriation

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5
Q

Establishing or continuing one or more federal agencies or programs, establishing the terms and conditions under which they operate, authorizing the enactment of appropriations, and specifying how appropriated funds are to be used

A

Authorization

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6
Q

Printed terms and conditions that are frequently found on the back of purchase order forms in contracts, usually attached as “general provisions.”

A

Boilerplate

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7
Q

The contracted party with the requirement for goods and/or services to be fulfilled by one or more sellers; Also called the offeree

A

Buyer

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8
Q

The set of past rulings by judges (and similar tribunals) that meet their respective jurisdictions’ rules for formality to be cited as precedent

A

Case law

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9
Q

Groups of practitioners and/or subject matter experts sharing
common goals and a desire to improve their performance and the performance of their teams and organization

A

Communities of practice

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10
Q

A legally enforceable agreement for the sale, purchase, or lease of products, goods, supplies, or services; or the construction, alteration, or repair of real property.

A

Contract

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11
Q

The actions of a contract manager to develop solicitations, develop
offers, form contracts, perform contracts, and close contracts

A

Contract management

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12
Q

Any written alteration in the specification, delivery point, rate of
delivery, contract period, price, quantity, or other provision of an existing contract, accomplished in accordance with a contract clause, which may be unilateral or bilateral

A

Contract modification

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13
Q

The execution of the terms of a contract; the process of establishing and maintaining communications, and tracking and documenting contract performance

A

Contract performance

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14
Q

A person with authority to enter into, administer, or terminate
government contracts; Ensures that all requirements of law, executive orders, regulations, and all other applicable procedures, including clearances and approvals, have been met

A

Contracting officer (CO or KO)

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15
Q

Technology that supports an ability to “connect, collect, and collaborate” across the organization

A

Enabling technology

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16
Q

Excusable delay

A

force majeure

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17
Q

Formal, codified, and systematic knowledge

A

Explicit knowledge

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18
Q

Authority plainly granted, either verbally or in writing, to an agent by a
principal (see principal-agent relationship); direction provided to the agent by the principal to do specific actions

A

Express authority

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19
Q

A written statement arising out of a sale to the consumer of a consumer good, pursuant to which the manufacturer, distributor, or retailer undertakes to preserve or maintain the utility or performance of the consumer good or provide compensation if there is a
failure in utility or performance

A

Express warranty

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20
Q

A price in which the total cost of providing the supplies or services
are what would be incurred by a well-managed, responsible firm using reasonably efficient and economical methods of performance, plus a reasonable profit

A

Fair and reasonable price

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21
Q

The ability to learn quickly before, during, and after work is completed as part of getting the work done. It supports the ability to adapt to change

A

Fast learning

22
Q

The principal set of rules in the Federal Acquisition
Regulations System, which governs the acquisition process by which executive agencies of the United States federal government acquire (i.e., purchase or lease) goods and services by contract with appropriated funds

A

Federal Acquisition Regulation (FAR)

23
Q

An unexpected or uncontrollable event that upsets the plan or releases one from obligation; Government contracting users the term excusable delay

A

Force majeure

24
Q

A treaty between two or more countries that do not impose tariffs for
commerce conducted across their borders

A

Free trade agreement

25
Q

An agent (see principal-agent relationship) authorized to conduct a limited series of transactions involving a continuity of service and may be empowered to enter into contracts that are binding on the principal

A

General agent

26
Q

Honesty in fact and the observance of reasonable commercial standards of fair dealing

A

Good faith

27
Q

Authority given by a principal to an agent (see principal-agent relationship) that is not actually expressed or otherwise communicated, which allows the agent to perform all
the usual and necessary tasks to exercise the agent’s expressed authority; the direction to do something is not provided expressly from the principal’s words but is implied from what is
understood as customary in the industry

A

Implied authority

28
Q

A promise arising by operation of law that something that is sold shall be merchantable and fit for the purpose for which the seller has reason to know that it is required.

A

Implied warranty

29
Q

An accessible and reusable repository of the core knowledge of the
organization (information + experience)

A

Knowledge asset

30
Q

Continuous performance improvement through building in to
the organization the capability to capture, adapt, transfer, and reuse the critical and relevant knowledge of the organization to continuously improve individual, team, and organizational performance

A

Knowledge management (KM)

31
Q

The process used for collecting and analyzing information about the entire market available to satisfy the minimum agency needs to arrive at the most suitable approach to acquiring, distributing, and supporting supplies and services

A

Market research

32
Q

A person who deals in goods or otherwise holds itself out by occupation as having knowledge or skill peculiar to the practices or goods involved in the transaction or to which the
knowledge or skill may be attributed by the person’s employment

A

Merchant

33
Q

See contract modification

A

Modification

34
Q

Exists when the nature of the work to be performed
under a proposed contract may, without some restriction on future activities, result in an unfair competitive advantage to the contractor or impair the contractor’s objectivity in performing the contract work; or when, because of other activities or relationships with other persons, a person is unable or potentially unable to render impartial assistance or advice to the government, a person’s objectivity in performing the contract work is or might be otherwise impaired, or a person has an unfair competitive advantage

A

Organizational Conflict of Interest (OCI)

35
Q

A situation in which a covered employee has a financial
interest, personal activity, or relationship that could impair the employee’s ability to act impartially and in the best interest of the government when performing under the contract

A

Personal conflict of interest (PCI)

36
Q

A law made by a person or group of people, that obliges or specifies an action; the establishment of specific rights for an individual or group

A

Positive law

37
Q

A relationship in which one person has legal authority to act for
another; The authority-granting party (a company or government agency) is the principal; the party who receives authority from the principal to act on his or her behalf is called the agent;
The principal is responsible for the acts of the agent and the agent’s acts bind the principal

A

Principal-agent relationship

38
Q

Knowledge of processes for developing proposals and offers

A

Procedural knowledge

39
Q

The act of approving an unauthorized commitment by an official who has the authority to do so

A

Ratification

40
Q

The refusal, especially by a public authority, to acknowledge a contract or debt; Occurs when one contracting party (Party A) gives the other contracting party (Party B) reason to believe that Party A will not perform the contract through an action or statement; when
repudiation occurs, contracting party B may pursue a remedy against contracting party A for
breach of contract

A

Repudiation

41
Q

The contracted party tasked with fulfilling the buyer’s requirement for goods and/or services; Also called the offeror

A

Seller

42
Q

Being acutely aware of what is occurring in the immediate conditions to understand how information, events, and one’s own actions will impact organizational shortand long-term goals and objective

A

Situational assessment

43
Q

An agent (see principal-agent relationship) whose power and authority are limited to accomplishing a specific and limited assignment; this agent does not have the power or authority to enter into contracts on behalf of the principal

A

Special agent

44
Q

Developing a competitive business strategy to win the contract

A

Strategic knowledge

45
Q

Inexplicit knowledge, such as soft skills required during negotiations

A

Tacit knowledge

46
Q

An unconditional offer of money or service in satisfaction of a debt or obligation made to save a penalty or forfeiture for nonpayment or nonperformance

A

Tender

47
Q

A nonbinding agreement made by a government representative
who lacks the authority to enter into the agreement on behalf of the government

A

Unauthorized commitment:

48
Q

One of a number of uniform acts that have been put into law
with the goal of harmonizing the law of sales and other commercial transactions across the United States of America through UCC adoption by all 50 states, the District of Columbia, and
the U.S. territories

A

Uniform Commercial Code (UCC)

49
Q

An agent (see principal-agent relationship) provided with broad authority to act on behalf of the principal

A

Universal agent

50
Q

A promise or affirmation given by a seller to a buyer regarding the nature, usefulness, or condition of the supplies or performance of services furnished under the contract

A

Warranty

Leadership Vocabulary (6 decks)

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