Your supplier is asking for the contract start date and you respond that no contract is in place yet. For a legal contract all the following elements must be present except?

offer and acceptance

exchange of money

legal capacity

legal purpose

During the make-or-buy analysis your team considered the immediate need for specialized hardware as well as the long-term need expressed by the organization. If the organization anticipates a long-term need for the item, then:

the cost charged to the project may be more than actual costs

the cost charged to the project will be the actual costs

the cost charged to the project may be less than actual costs

the cost charged to the project may include the organizations investment for the future

Hausmann Associates is in the process of a make-or-buy decision related to a project management methodology tool. If Hausmann decides to make a purchase, its ideas will be documented in the:

procurement management plan

quality management plan

project management plan

scope management plan

Procurement documents need to be rigorous and flexible. One way to do this is to:

invite sellers to submit a proposal that needs not be wholly responsive to the request and to provide a proposed alternative solution

invite sellers to submit a proposal that is wholly responsive to the request and to provide a proposed alternative solution

invite sellers to submit a proposal that is wholly responsive to the request and not allow a proposed alternative solution

invite sellers to submit a proposal that needs not be wholly responsive and not allow a proposed alternative solution

As a manufacturer of computer hardware you buy many components from suppliers. A new supplier has just been put under contract. The contract with this supplier is complex and continues for hundreds of pages. After the contract has started, contradictions are found between different sections of the contract. In this situation we generally:

follow the order of precedence section of the contract

follow the sections of the contract written by the buyer

follow the sections of the contract written by the seller

follow the statement of work over the acceptance criteria

Your procurement manager keeps talking about a Time and Materials Contract. These contracts often resemble what other contract type?

cost plus percentage of costs

cost plus fixed fee

unit price

fixed price

You take over a project as the present project manager is leaving the organization. You notice on the contract with an outside customer that there is a handwritten comment initialed by both parties authorized representatives. In general:

handwritten previsions prevail over printed previsions

printed previsions prevail over handwritten previsions

the contract is void since there are handwritten provisions

general terms prevail over detailed terms

As the project manager over a major construction project, you spend much of your time managing your vendors. Several of your vendors are working under firm fixed price contracts. On firm fixed price contracts we must especially watch out for:

all costs charged to the project are applicable to the project

the seller using higher priced resources than planned

the seller dragging out the work so as to make more money

overpriced change orders

Several meetings are held during the contract life cycle. The meeting where sellers try to sell themselves and their proposals is called:

contract kick-off meeting

bidder conference

procurement audit

oral presentation

You are working under a large Fixed Price Incentive Contract. The pricing for the contract is: target cost:

$100,000 target profit: $ 10,000 target price $110,000 share ratio 70/30 Price ceiling $125, 000. You complete the work for a cost of $120,000. What is the price the buyer will pay?

a) $ 120,000

b) $ 124,000

c) $ 125,000

d) $ 126,000