CMGT 3500 FINAL STUDY GUIDE
QUESTIONS AND ANSWERS
Spearin Doctrine - ANSWER-Is a warranty supplied by the owner to the contractor
that if the contractor builds according to the plans and specs, a satisfactory product
will result.
Promissory Estoppel - ANSWER-An agreement or contract exists, based largely on
the behavior or actions of the parties involved (implied agreement).
Contract Law and Tort Law Difference - ANSWER-Contract Law supports and
upholds voluntary duties between parties, agreed to in a contract.
Tort Law supports and upholds duties imposed by law between parties and is not
dependent on any contract between them.
Elements of a Contract - ANSWER-Offer & Acceptance, Meetings of the Minds,
Consideration, Lawful Subject Matter, and Competent Parties.
Contract Delivery Methods - ANSWER-Traditional Design-Bid-Build (DBB),
Traditional DBB with early procurement, Traditional DBB with Construction Manager,
Traditional DBB with early procurement and CM, DBB + CM @ Risk, Design-Build or
EPC, Turnkey, and Fast Track
What is a Contract/Lowest Responsive Responsible Bidder meaning - ANSWER-The
Bidder who fully complied with all of the bid requirements and whose past
performance, reputation, and financial capability is deemed acceptable, and who has
offered the most advantageous pricing or cost-benefit, based on the criteria
stipulated in the bid documents.
Basic premise of Contract Law - ANSWER-Party must honor contract or respond in
damages, parties presumed to know content of contracts, contracts upheld as
written.
AIA - ANSWER-American Institute of Architects
AGC - ANSWER-Associated General Contractors of America
IFB - ANSWER-Invitation For Bidder
Three Project Award Methods - ANSWER-Competitive bidding, Negotiation, and
Direct Assignment
Elements of the Bid - ANSWER-Advertisement, Invitation to Bid, and Instructions to
Bidders
QUESTIONS AND ANSWERS
Spearin Doctrine - ANSWER-Is a warranty supplied by the owner to the contractor
that if the contractor builds according to the plans and specs, a satisfactory product
will result.
Promissory Estoppel - ANSWER-An agreement or contract exists, based largely on
the behavior or actions of the parties involved (implied agreement).
Contract Law and Tort Law Difference - ANSWER-Contract Law supports and
upholds voluntary duties between parties, agreed to in a contract.
Tort Law supports and upholds duties imposed by law between parties and is not
dependent on any contract between them.
Elements of a Contract - ANSWER-Offer & Acceptance, Meetings of the Minds,
Consideration, Lawful Subject Matter, and Competent Parties.
Contract Delivery Methods - ANSWER-Traditional Design-Bid-Build (DBB),
Traditional DBB with early procurement, Traditional DBB with Construction Manager,
Traditional DBB with early procurement and CM, DBB + CM @ Risk, Design-Build or
EPC, Turnkey, and Fast Track
What is a Contract/Lowest Responsive Responsible Bidder meaning - ANSWER-The
Bidder who fully complied with all of the bid requirements and whose past
performance, reputation, and financial capability is deemed acceptable, and who has
offered the most advantageous pricing or cost-benefit, based on the criteria
stipulated in the bid documents.
Basic premise of Contract Law - ANSWER-Party must honor contract or respond in
damages, parties presumed to know content of contracts, contracts upheld as
written.
AIA - ANSWER-American Institute of Architects
AGC - ANSWER-Associated General Contractors of America
IFB - ANSWER-Invitation For Bidder
Three Project Award Methods - ANSWER-Competitive bidding, Negotiation, and
Direct Assignment
Elements of the Bid - ANSWER-Advertisement, Invitation to Bid, and Instructions to
Bidders
