Week 4 - VOCABULARY Flashcards
Acceptance
The act, either verbal or written, that conveys assent to contractual terms and conditions
Actual authority
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
Apparent authority
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.
Appropriation
The act of setting aside money for specific federal government departments, agencies, and programs
Authorization
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.
Boilerplate
Printer terms and conditions that are frequently found on the back of purchase order forms in contracts, usually attached as “general provisions.”
Buyer
The contracted party with the requirement for goods and/or services to be fulfilled by one or more sellers
-Also called the offeree
Case las
The set of past rulings by judges (and similar tribunals) that meet their respective jurisdictions’ rules for formality to be cited as precedent
Communities of practice
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.
Contract
A mutually binding legal relationship obligating the seller to furnish supplies or services, and the buyer to provide consideration for them
Contract management
The actions of a contract manager to develop solicitations, develop offers, form contracts, perform contracts, and close contracts
Contract modification
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
Contract performance
The execution of the terms of a contract; the process of establishing and maintaining communications, and tracking and documenting contract performance
Contracting officer (CP or KO)
- 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
Enabling technology
Technology that supports an ability to “connect, collect, and collaborate” across the organization
Excusable delay
See force majeure
Explicit knowledge
Formal, codified, and systematic knowledge
Express authority
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
Express warranty
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
Fair and reasonable price
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