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Understanding Contracts in UCC §1-201 (11)

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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?

Offer and acceptance, good faith, diligence, reasonableness Signup and view all the answers

Do preliminary discussions about price and quantity constitute a contract?

No, they are only preliminary steps to a contract Signup and view all the answers

What is a counteroffer in the context of contracts?

An offer made by one party to enter into a transaction on different terms Signup and view all the answers

What is a characteristic of construction contracts?

Include established project guidelines and milestone payments Signup and view all the answers

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

To document the existence of a contract Signup and view all the answers

When does a unilateral contract typically form in purchasing transactions?

When the offer is accepted through performance Signup and view all the answers

What is a common feature of cost-reimbursable contracts?

Costs are reimbursed by the buyer plus a fee Signup and view all the answers