Guiding Principles

Question 1

What are the 4 elements of a contracrt?

Answer 1

Capacity, Mutual Assent, Consideration, Lawful Purpose

Question 2

FAR 2.101 Contract Definition

Answer 2

Mutually binding legal relationship obligating the seller to firnish the supplies or services, including construction, and the buyer to pay for them.

Question 3

Legel competence to enter a valid contract. Party must have the capacity to understand and appreciate the terms of the contract.

Answer 3

Capacity

Question 4

When a party makes a promise or begins to render performance.

Answer 4

Mutual assent

Question 5

An offer by one party and acceptance by the other party. Consisting of a meeting of minds and certainty of terms.

Answer 5

Mutual assent

Question 6

Something of value that a promisor receives from a promissee in return for his or her offer.

Answer 6

Consideration

Question 7

A contract is not enforceable without…

Answer 7

Consideration

Question 8

A term of the agreement that is against the law or enforcement of any term/agreement would hurt the state or its citizens would render the contract invalid due to:

Answer 8

Lawful purpose