Module Exam 2
You have 3 hours to complete this exam. You may use your notes and any online resources
deemed acceptable and made available to you during class (e.g., Acquisition.gov, search
engine, DPC website, etc.). You are prohibited from communication with anyone, except
with your instructor, and by any medium (e.g., instant messaging, email, etc.) until you
submit your completed test. This includes the time that you are out of the classroom. All 25
questions are worth 4 points each (i.e., 100 points total).
Use of electronics with photographic capabilities, including cell phones, while taking the
exam is strictly prohibited.
Questions 1-10 do not require to you to provide a reference in support of your answer.
Questions 11-15, you must provide only ONE citation as a reference to support your
answer. For example, FAR 1.102(a) & (c) is not correct because this is “two” citations. It
should be FAR 1.102.
Questions 16-19 do not require you to provide a reference in support of your answer. They
are true and false.
Questions 20-25 are matching.
What is a contract?
A mutually binding legal relationship obligating the seller to furnish the
supplies or services (including construction) and the buyer to pay for them.
Each party either makes a promise or begins or renders performance.
Something of value that the offeror receives from the offence in return for the
To be legally bound to a contract, a party must have the capacity to
understand and appreciate the terms of the contract.
What are the essential elements of a contract?