Module 6 Flashcards
What are the six essential elements that must be present in order for a contract to be binding>
Mutual Assent
Consideration
Competency
Lawful Purpose
Certainty of Terms
Form Required by Law
What are the guiding principles of the FAR System?
Fulfill
Deliver
Conduct
Satisfy
Minimize
Full and Open (F&O) Competition means?
All responsible sources are permitted to compete for the effort (FAR 6.003).
What are the 7 exceptions to F&O competition?
Only one responsible source will satisfy agency requirements
Unusual and compelling urgency
Industrial mobilization
International agreement
Authorized or required by statute
National security
Public interest
What are the reasons that Full and Open (F&O) competition after exclusion of sources may be used?
Establishing or maintaining alternate sources
Fulfilling the Small Business Administration (SBA) objectives for its Section 8(a) Program
Setting aside work for small business concerns
Which of the following Government agencies are exempt from complying with the Federal Acquisition Regulation (FAR)?
Federal Aviation Administration
U.S. Mint
In order to be legally bound to a contract, a party must have the capacity to understand and appreciate the terms of the contract. Which of the essential elements best fits this description?
Competency
Select the element of contract that best fits the definition of “something of equal value must be exchanged.”
Consideration
Three types of Contracting Officers
Procuring Contracting Officer (PCO)
Administrative Contracting Officer (ACO)
Termination Contracting Officer
Which of the following positions has the authority to enter into, administer, and/or terminate contracts and make related determinations and findings?
Contracting Officer (KO) (or CO)
Planning Phase
Key decisions are made which lay the foundation and create a path for the entire acquisition.
Solicitation Phase
The objective of preparing the solicitation is to accurately describe requirements so that all qualified offerors are given the opportunity to respond.
Evaluation Phase
All offers are evaluated against the factors set forth in the solicitation.
Award Phase
The Contracting Officer establishes a binding contract with the offeror who has been determined to provide the best value to the Government.
Post Award Phase
The contracting process culminates in the Post Award phase with contract completion, close-out, and file retention.
