Question 1

A fixed fee that the seller will earn no matter how its performance is evaluated in known as:

Options :

A : incurred fee

B : award fee

C : period fee

D : base fee

Answer: D

Question 2

The concept of deferring to the law of another jurisdiction that has a greater connection to the case is called:

Options :

A : Dimity

B : Signature

C : Comity

D : None of the above

Answer: C

Question 3

A body of law that is created by acts of legislature is known as:

Options :

A : Contractual law

B : Commercial act

C : Civil law

D : Legal framework

Answer: C

Question 4

The cost-plus-a-percentage-of-cost contract provides for the seller to receive reimbursement for its actual cost and a profit component, called __________, equal to some predetermined percentage of its actual costs.

Options :

A : fee

B : statement

C : penalty

D : None of the above

Answer: A

Question 5

A relationship between buyer and seller defined by an agreement about their respective rights and responsibilities is called:

Options :

A : Contract

B : Deal

C : Concurrence

D : Union

Answer: A

Free CPCM Mock Exam – Practice Online Confidently

Buying Options: