Privity Study guides, Class notes & Summaries

Real estate agents are considered to have which kind relationship with clients? - A fiduciary relationship Acting as which of the following is a violation of The Real Estate License Act? -Acting as a broker without possessing a valid license issued by the Texas Real Estate Commission Which of the following is a reason to study the aspects of agency and agency law? - 1. Agents who are well versed in the aspects of the agency roles can project an aura of confidence that can calm a nervous cl...

CPCU 530 Chapter 2 Exam Questions and Answers All Correct Contract - Answer-A legally enforceable agreement between two or more parties in which each party makes some promise to the other Promisor - Answer-The party to a contract making a promise Promisee - Answer-The party to a contract to whom a promise is made Privity of contract - Answer-The relationship that exists between the parties to a contract Third-party beneficiary - Answer-A person who is not a party to a contract but ...

What is a contract? A legally binding agreement between two or more persons, competent at law to enter into such agreement, for consideration or value, to do or refrain from doing something lawful. True or false? An oral contract for the acquisition or disposition of any interest in the land is enforceable. False. Any contract in real estate is required to be in writing. When drafting a contract, what does The Statute of Frauds require? - Must be in writing to be enforceable by ...

CLC 059 Subcontracting 2024/2025 Exam Questions and Correct Answers What is a purchase order, task order, or other contract between a prime contractor and another business to support the prime contract and to which the government has no contractual relationship, i.e., no privity? - Correct Answer Subcontract Which of the following are key, recommended resources for subcontracting compliance management? (Select three that apply) - Correct Answer DFARS, SBA, DCMA Which of the following are...

CONS LAW Exam Questions with Correct Answers Which group does not have their own standard form construction contracts? A. American Institute of Architects (AIA) B. Associated General Contractors of America (AGC) C. American Institute of Constructions (AIC) D. The Engineers Joint Contract Documents Committee (EJCDC) - Answer-American Institute of Constructions (AIC) A contract ______________________ . (Select one) A. cannot be formed by actions alone B. must be a written document C. ...

Under the Ultramares rule, to which of the following parties will an accountant be liable for ordinary negligence? Parties in Privity Forseen Parties A. Yes Yes B. Yes No C. No Yes D. No No - B. Yes No Which of the following stmts best describes why the profession of CPA has deemed it essential to promulgate a code of profl conduct and to est a mechanism for enforcing observation of the code? A. A distinguishing mark of a profession is its acceptance of responsibility to the public. B....

Operational Contract Support (OCS) - 3C Course - Week 1Operational Contract Support (OCS) - correct answer Term that represents the process of planning for and obtaining supplies, services, and construction from commercial sources in support of contingency operations. The Federal Acquisition Regulation (FAR) - correct answer What is the overarching publication that governs contracting actions in the US Govt to include OCS related contracting? The Gansler Commission - correct answer What w...

PERFORMANCE ASSESSMENT PLAN (PAP) - CORRECT ANS Ensure supplier compliance to specifications is the development of PAP. Based on contract performance requirements Privity of contract - CORRECT ANS deals with parties to a contract having the right to enforce it PRE-SOURCING (SPECIFICATION SCOPE STAGE) - CORRECT ANS 1) Site visit to determine pre-existing conditions 2) Samples 3) Equipment Demonstrations 4) Proponents meeting DURING SOURCING (EVALUATION STAGE) - CORR...

CPCU 530 Chapter 2 Exam Questions and Answers All Correct Contract - Answer-A legally enforceable agreement between two or more parties in which each party makes some promise to the other Promisor - Answer-The party to a contract making a promise Promisee - Answer-The party to a contract to whom a promise is made Privity of contract - Answer-The relationship that exists between the parties to a contract Third-party beneficiary - Answer-A person who is not a party to a contract but who ...

Contract Law correct answers A promise or a set of promises, for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty. Tort Law correct answers A civil wrong, other than a breach of contract, for which the court will provide a remedy in the form of an action for damages. Regulatory Law correct answers Intentional Torts correct answers A tort where the wrongdoer either expressly or by implication intended the act that resulted ...