2025 NJ QPA Exam Question and Answers 100% Correct

What constitutes a capital project? - - Acquisition of land - Acquisition of major equipment of personal property - Acquisition of buildings, roads, utilities, or other structures - Improvements of public works When can competitive contracting be used? - - Software & hardware - Homemaker/health services - Lab testing services - Emergency medical services - Contracted food services - Concessions - P-Card/ E-Procurement vendor - Grant writing - Animal Control - Property appraisal services What are the four elements of a contractual situation? - - Capable parties: all persons have capacity and agency to enter into the contract - Mutual consent: all persons are entering into a contract voluntarily - Lawful objective: contract is not criminal, immoral, or illegal - Sufficient cause to contract: reasons parties entered into a contract Acceptance of a contract must satisfy what four criteria? - - Voluntary - Deliberate - Made by recipient of offer - Unequivocal and unqualified What is a guarantee? - Guarantees reduce a buyer's sense of risk at the time of purchase. What is a warranty? - Warranties are a promise given by the seller to the buyer that goods are of a certain quality and will conform to certain standards. What types of contracts are there? - - Firm Fixed-Price - Agreement w/ Escalation Provisions (mostly applicable to gas, fuel oil, or solid waste tipping) - Time & Materials Agreements (