Understanding Contracts in UCC §1-201 (11)
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Questions and Answers

What type of terms and conditions are unique to a specific contract?

  • Indemnity terms
  • Confidentiality terms
  • Custom terms (correct)
  • Standard terms

How do bid bonds affect competition in the bidding process?

  • Have no impact on competition
  • Encourage more bidders
  • Increase competition
  • Reduce competition (correct)

What is the purpose of having bonds in procurement contracts?

  • To guarantee financial recovery (correct)
  • To reduce bidding costs
  • To increase the number of bidders
  • To handle contract performance issues

What are the four essential elements of a contract mentioned in the text?

<p>Offer and acceptance, good faith, diligence, reasonableness (A)</p> Signup and view all the answers

Do preliminary discussions about price and quantity constitute a contract?

<p>No, they are only preliminary steps to a contract (C)</p> Signup and view all the answers

What is a counteroffer in the context of contracts?

<p>An offer made by one party to enter into a transaction on different terms (D)</p> Signup and view all the answers

What is a characteristic of construction contracts?

<p>Include established project guidelines and milestone payments (B)</p> Signup and view all the answers

In procurement, when is a formal confirmation or acknowledgment used?

<p>To document the existence of a contract (C)</p> Signup and view all the answers

When does a unilateral contract typically form in purchasing transactions?

<p>When the offer is accepted through performance (D)</p> Signup and view all the answers

What is a common feature of cost-reimbursable contracts?

<p>Costs are reimbursed by the buyer plus a fee (B)</p> Signup and view all the answers

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