Midterm

Question 0

What is the DCA rule inciting NJSA40A:11-1 et seq?

Answer 0

NJAC 5:34:1 et seq

Question 1

The UCC statute in New Jersey is?

Answer 1

NJSA 12-1

Question 2

Name 2 factors that drive the market place?

Answer 2

1. Trends

2. Functioning of society as a whole.

Question 3

Name the recent developments in New Jersey bidding and procurement?

Answer 3

• use of standard labor rates
• use of Chilton as a resource for auto repair rates
• “Jobbers” list as a resource for benchmark % discount for auto parts
• use of reverse auctions - power procuremen
• On-line bid service
• disposal of public property through public aucion (LFN - Govdeals)

Question 4

Public Works Contractor Registration & Certified Payroll changes as of July 2014:

Answer 4

1. new threshold $15,444 (aggregate) for municipalities and 2,000 for all other units.

Question 5

The Uniform Commercial code pertains to:

Answer 5

General provisions
Sales
Leases
Bank Deposits
Fund Transfers;  Letters of credit;  bulk transfers;   investment  securities

Question 6

A purchase order is

Answer 6

an offer to purchase that becomes a contract when accepted by the seller.

Question 7

What are some changes and updates in various laws & new mechanisms included in Chapter 440 of P.L. 1999?

Answer 7

• creation of QPA
• creation of competitive contracting
• changed schedule for changing bid threshold from every other year to every five years created a two tier threshold (higher for units employing a QPA
• formalizing a quotation threshold of above and below 15% units threshold as a range for certain procurement
• LFS’s began 1992

Question 8

The purpose & use of the UCC - give three:

Answer 8

a. simplify government commercial transactions
b. permit continued expansion of transactions
c. make uniform the law amongst various jurisdictions

Question 9

Offers to buy or sell must be held open for a reasonable period, not to exceed __________

Answer 9

3 months

Question 10

LFN 2012-10

Answer 10

Using National Cooperative Contracts

Question 11

The single most challenging sub-field of public procurement is …

Answer 11

Public works construction

Question 12

The 5 R’s of Purchasin

Answer 12

right quantity
right quality
right time
right source
right price

Question 13

How do those who manage the local procurement process keep abreast of changes in law and practice?

Answer 13

Local Finance Notices (began in 1992, issued from Local Government Services)

Question 14

The Uniform Commercial Code governs COMMERCIAL TRANSACTIONS, such as…

Answer 14

sale of goods, commercial paper, bank deposits & collections, letters of credit, bulk transfers, bills of lading, investment securities and secured transactions

Question 15

State DOT uses two envelope system. What does it do?

Answer 15

qualifications first, then price

Question 16

A contract is effective when…

Answer 16

the vendor ships the material or performs the service

Question 17

When a selling price is in excess of $500, the contract must be in writing. If EITHER party confirms it in writing, the contract binds both parties unless an objection is raised by one of the parties within…

Answer 17

10 days

Question 18

Name the legal action by which a person attempts to recover goods wrongfully taken.

Answer 18

Replevin

Question 19

What are the 3 forms of remedies for noncompliance of a contract?

Answer 19

• dollar damages (nominal or liquidated)
• specific performance
• recssion

Question 20

Dollar Damages can be ____________ or ___________ . What’s the difference.

Answer 20

Nominal - $1. to establish the fact that a contractural breach occurred.
Liquidated - reimbursement of monetary loss sustained by either party.

Question 21

One remedy for non-performance of a contract is “specific performance.” What is that?

Answer 21

A court order to complete the contract.

Question 22

Name of the court action where both parties return to the position they held before the contract.

Answer 22

Rescission

Question 23

2 Types of Warrantees?

Answer 23

Implied and Express

Question 24

What’s Implied Warranty?

Answer 24

The obligation of the vendor that the goods will correspond with the description and they will fit the purpose. Any warranty regarding the quality and fitness under normal usage or trade.

Question 25

T/F When an honest mistake is made by one party, generally it will not void a contract.

Answer 25

TRUE

Question 26

T/F A purchase order is a contract when accepted by the seller.

Answer 26

TRUE

Question 27

Who generally prevails when there are conflicting forms and terms (battle of the forms)?

Answer 27

The terms of the UCC prevail

Question 28

Express Warranties made by a vendor may include but are not limited to …

Answer 28

• a products performance
• capacity
• unique feature

Question 29

If non-confirming goods are sent with a note of accommodation it is considered :

Answer 29

a counter offer

Question 30

Perfect Tender, the buyer can:

Answer 30

Accept all goods
Reject all goods
accept conforming goods and reject the rest