CMGT Study Guide Exam 2 Questions and Answers (Top Grade Assured) 2026 Update.

CMGT Study Guide Exam 2 Questions and
Answers (Top Grade Assured) 2026
Update
A contract is
a. Something of value given by one party to another in
change for something else
b. The ability of each party to have mutual agreement
c. A legally binding agreement between both parties
d. Never written down or documented - Correct Answers
✅c


Issues that impact the choice of contract include all EXCEPT:


Risk allocation
The type of project
The project's delivery method
A breach of contract - Correct Answers ✅d


a specified amount of work provided by the contractor for a
set price known up front - Correct Answers ✅Lump Sum
Contract


the owner reimburses the contractor for actual costs and
pays a fee for overhead and profit - Correct Answers ✅Cost
Plus a Fee Contract

, CMGT Study Guide Exam 2 Questions and
Answers (Top Grade Assured) 2026
Update
the owner is invoiced for actual expenditures and reduces the
owners risk - Correct Answers ✅Cost Plus a Guaranteed
Maximum Price Contract


The contractor bids a fixed unit price and, at the completion
of the job, the total quantities are determined and payment is
made to the contractor based on actual quantities - Correct
Answers ✅Unit Price Contract


The bid documents and the contract documents include all
except:


Change orders
Drawings TH
General Conditions
Addenda - Correct Answers ✅a


Changes made to the work before the bids are submitted are
called addenda - Correct Answers ✅True


Signatures are not evidence of mutual agreement - Correct
Answers ✅False


Failure to complete a job on time can result in