1) List and briefly describe five essential elements of a contract.

2) Is a purchase order a contract? Explain.

3) List and describe three types of contracts.

4) Indicate the advantages and disadvantages of long-term contracts.

5) What is a breach of contract? Elaborate on the impact to stakeholders involved within a contract

6) With pure -----------contracts, allowable costs are shared between the parties on a predetermined percentage basis.

a) Cost-sharing

b) Time and material

c) Fixed-price with incentives

d(Cost plus incentive fee

7) Consequential damages are those expenses incurred by supplier because goods were not delivered as requested

a) True

b) False