What are the three types of project contracts? Agreed-upon price, consideration, descriptive Firm fixed price, incentive, risk plus Qualitative, quantitative, descriptive Firm fixed price, cost incentive, time and materials Firm fixed price, cost plus, time and service Which of the following is an essential element of a valid contract? Offer, acceptance, and competent parties Ongoing effort to improve an organization's effectiveness Grouping of work that is standardized throughout an organization Something unique that evolves into a program Unique effort that has a definite beginning and end A "Term" in contract administration is BEST described as a(n): Regrouping of project team work Certification of intent Modification of technical or administrative aspects of the contract Modification of the contract itself Act of agreement A "Condition" in contract administration is BEST described as a(n): Certification of intent Regrouping of project team work Modification of a "Term" Modification of technical or administrative aspects of the contract Act of agreement