...------------------------------------------------- CHAPTER 17-AGENCY LAW TRUE/FALSE 1. Larry decided to relocate to Germany. Larry hired Happy Homes, Inc. to find a buyer and contract for the sale of his house in the U.S. The agency relationship between Larry and Happy Homes must be evidenced with a written agreement. 2. If Denise is hired to work as a cashier, she has the implied authority to do acts reasonably necessary to carry out her job. 3. Erica's supervisor told her to arrange for a conference room at the Kelly Inn. Erica has express authority to contract for the room. 4. An agent must obey all instructions of the principal. 5. Jolene hired Lacy to find a buyer for her house. Adam was interested in buying the house. If both Jolene and Adam agree, Lacy, a real estate agent, may represent both parties. 6. As a general rule, an agent is liable on contracts entered into on behalf of a fully disclosed principal. 7. You cannot be held liable for the actions of your agents if the agents are violating your instructions. 8. If apparent authority is present, the principal is liable for even the unauthorized acts of the agent. 9. The death of an agent automatically terminates an agency relationship. 10. Generally, either party to an agency relationship has the power to terminate it at any time. 11. Rob agrees to act as an agent...
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...Performance Proposal Evaluation an assessment of the proposal and the offeror's ability to perform the prospective contract successfully. Price cost plus any fee or profit applicable to the contract type Who Performs technical analysis subject matter experts (SME) or DCMA: says anyone who has specialized knowledge of product or service. Why Proposal Analysis to ensure that the final agreed-to price is fair and reasonable Fair and Reasonable Price Price a prudent and competent buyer would pay in a similar business situation Price Analysis the process of examining and evaluating a proposed price without evaluating its separate cost elements and proposed profit. WHEN CERTIFIED COST IS NOT REQUIRED. Cost analysis review and evaluation of any of the separate cost elements and profit or fee in an offeror's or contractor's proposal as needed to determine a fair and reasonable price or to determine cost realism.USED WHEN CERTIFED COST IS REQUIRED. Cost Realism Analysis the process of independently reviewing and evaluating SPECIFIC ELEMENTS of each offeror's proposed cost estimate to determine whether the estimated proposed cost elements are realistic for the work to be performed; SHALL be performed on COST REIMBURSEMENT MAY be performed FIXED PRICE INCENTIVE CONTRACTS. or Fixed Price contracts when contracts with new requirements may not be fully understood by competitive offerors (quality, past performance, or contractors proposed...
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...the different approaches to contract financing can impact the company. Contracting Officers provide financing only to the extent needed for prompt and efficient performance, considering the availability of private financing and the impact of predelivery expenditures and product lead times on working capital. There are varieties of available methods: (1) progress payments, (2) advance payments, (3) performance-based payments, (4) commercial items purchase financing, and (5) other methods, such as private financing and Government loans guarantee. To minimize risk to the Government, the regulations also provide that when a contractor requests financing, the Contracting Officer should consider the financing methods in the following order of preference: (a) private financing without Government guarantees, (b) “customary” contract financing, (c) loan guarantees, (d) “unusual” contract financing, and (e) advance payments. Progress Payments: The Government will make progress payments to the contractor when requested as work progresses, but not more frequently than monthly, in amounts of $2,5000 or more approved by the Contractor Officer. (Arnavas, 2003) Advance Payments: are advances of money by the Government to a prime contractor before, in anticipation of, and for the purpose of complete performance under one or more contracts. They are expected to be liquidated from payments due to the contractor incident to performance of the contracts. Since they are not measured...
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...trust in the accounting profession was shaken with several large scandals such as Enron and WorldCom, and they are still working toward repairing the damage. Investors lost faith and hesitated to invest money, which can hurt the economy. In answer to this developing crisis of faith, President Bush signed the Sarbanes-Oxley Act of 2002 (SOX) (U.S. Securities and Exchange Commission, 2010). This act has far reaching effects on every aspect of the accounting and business world. It placed into effect guidelines and repercussions in accounting to help prevent future fraud. Those standards that were already in place, adapted to SOX and changed to meet the more stringent requirements. One such example is Defense Contract Audit Agency (DCAA) standards. Like all agencies, DCAA had to adapt to the new requirements of SOX, but the changes needed to first be defined. Sarbanes-Oxley Act of 2002 Sarbanes-Oxley Act of 2002 (SOX), not only provides guidelines for the accounting industry but also a means of enforcement. These laws and regulations apply to all publicly traded companies. The purpose of SOX is to create a universal standard that can be upheld in order to increase the confidence the public has in financial statements. The act is broken down into 11 sections, of which there are six main areas....
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...Exchanges With Industry Before Receipt of Proposals (4-4) Part 15 of the Federal Acquisition Regulations (FAR) “prescribes [the] policies and procedures governing competitive and noncompetitive negotiated acquisitions.” One component of negotiated acquisitions that occurs early in the acquisition process is the solicitation of proposals. FAR 15.201, titled, “Exchanges with Industry before Receipt of Proposals,” regulates the type and manner of communications, also sometimes referred to as exchanges, which can – and cannot – take place between the Government and potential suppliers prior to the receipt of a potential supplier’s proposal and the subsequent award of a contract. This paper will address a few of the various types and formats of exchanges that might occur between the Government and potential suppliers prior to the Government’s receipt of proposals, and the manner in which some of these exchanges are to occur; some of the legal, regulatory, and logistical considerations that a Program Manager, Contracting Officer, or other Government participant in the acquisition process might need to be mindful of when conducting discussions; and the diligence and care that must be utilized by the Government team members when conducting exchanges with potential suppliers before the receipt of proposals in order to avoid issues that may arise later in the procurement process. Exchanges of information can take place either before, after, or both before and after the official...
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...to feed us. However, I, my sister and brothers did not let that stop us from aspiring to accomplish something in life. We all used our athletic abilities as a means to help us get where we aspired to be. Though I loved playing basketball, my favorite sport was running track. Stationed at Fort Stewart, Georgia, I am a Specialist (SPC) soldier in the United States Army. My military occupation specialty is 92Y, which is Unit Supply Specialist. I also attend college, majoring in Computer Information Systems. Although a lot of people have motivated me to attend college and further my education, I would have to say my cousin, Ricardo, is my biggest motivator. He is the best mentor a person could ask for. He is an employee at Defense Contract Management Agency as a GS-12, the youngest worker within his job series and grade. My cousin, Ricardo, did four years in the Army and majored in Computer Information Systems just like I am doing. I look up to him because he keeps me going when I have no one to turn to. Though he...
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...COVER LETTER SAMPLE Maxwell Smart 321 Hollow Lane Lawrenceville, NJ 08648 609-555-1212 msmart@yahoo.com December 6, 2006 Mr. Joseph Alter Audit Manager Defense Contract Audit Agency 10 Melrose Avenue Suite # 200 Cherry Hill, NJ 08003-3696 Dear Mr. Alter: I am writing to apply for an Auditor Intern position at Defense Contract Audit Agency, which you are currently seeking to fill through your recruitment on the USAJOBS website. Enclosed is my résumé, which describes my academic and professional experiences to date. As my résumé details, I completed my undergraduate studies at the State University of New York at Stony Brook. I am currently pursuing a Master in Accountancy and Master in Business Administration at Rider University. I have had significant experience in the auditing field, first at Orbitex Fund Services preparing mutual funds for audit, and then at Resources for Human Development where I audited employee timesheets. In addition, I have completed several courses in auditing including Fraud and Forensics Accounting and Principles of Auditing and Practices. I believe that my academic background along with my professional experiences provide a solid foundation for your auditing position. Thank you for your time and consideration. I look forward to speaking with you in the near future. Please note: As my résumé reflects I have acquired a myriad of experiences in the professional world. This has been attributed partly to the fact...
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...| CON 090FAR Fundamentals Module 1 Student Guide | 7 January 2013 | This page intentionally left blank. Table of Contents CON 090 Course Syllabus 3 CON 090 SCHEDULE Error! Bookmark not defined. Course Design – How CON 090 “Works” 3 Module 1 – Using the FAR and DFARS 3 Module 1 Schedule 3 Module 1 Homework 3 Introduction 3 Learning Objectives 3 FAR Basics .17 Organization & Arrangement of the FAR 25 FAR Research Exercise 33 DFARS Basics 35 FAR/DFARS Research Exercise 39 Deviations from the FAR and DFARS 41 FAR/DFARS/Class Deviations Research Exercise 43 Reading the FAR 45 FAR Reading Exercise 51 Interpreting the FAR 53 FAR Interpretation Exercise 55 Putting It All Together 57 Applying the Regulations .59 Appendix 63 This page intentionally left blank. CON 090 Course Syllabus A. Course Title: Federal Acquisition Regulation (FAR) Fundamentals B. Course Number: CON 090 C. Course Prerequisites: None D. CLPs/CEUs/Number of ACE-Recommended Credits: CLPs 141/CEUs 14.1/ 3 Graduate-Level Credits E. Course Manager: Don Mansfield, (619) 524-5474 a. Phone: (619) 524-5474 b. E-mail: donald.mansfield@dau.mil Performance Learning Director (HQ DAU): James W. Malloy, Jr. a. Phone: (703) 805-4365 b. E-mail: james.malloy@dau.mil F. Course Description: FAR Fundamentals (CON 090) is a resident Defense Acquisition Workforce Improvement Act (DAWIA) Level I contracting course for newly hired...
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...An analysis of the Bell Helicopter Contract Fraud with the United States Government procurement is a huge, growing industry, making fraud within the procurement system a serious issue (Fickey, 2009). To safe guard against a rise in government procurement fraud cases, Congress established the Federal Acquisition Regulation and Department of Defense Supplement that outlines rules regarding bidding, accounting standards, profit policy, and other matters (Karpoff, Lee, & Vendrzyk, 1999). One of the regulations imposed by the Department of Defense on government contractors is the requirement of audits to be preformed by the DOD’s auditing agency. The majority of procurement fraud cases arise out of the DOD’s audits into the contractor’s accounting records (1999). One case worth mentioning is the case of Bell Helicopter Textron, Inc., a Texas based company, and the United States government. In 1988, Bell Helicopter entered into an $88 million settlement with the United States ending a four-year long investigation by the Department of Justice for fraudulently overcharging the government on helicopter spare parts (Isikoff, 1988). The investigation arose when Pentagon auditors discovered accounting and inventory irregularities in the company’s financial records. Throughout the investigation, Bell Helicopter was also accused of covering up these irregularities by shredding documents, changing computer entries, and covering up evidence of deliberate overbillings to the...
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...1. The three main stages of negotiating Government contracts are fact-finding, preliminary stage, and negotiation or bargaining stage. The fact-finding session is where both the seller and buyer discuss the different elements of the proposal but mainly both activities are focusing on listening to what the other side is saying. The buyer is asking detailed questions in order to get information required for further analysis, and the seller is trying to answer those questions furnishing as much information as possible that will lead to a successful negotiation. The preliminary stage is used primarily to critique additional data or repriced inputs from the seller, and to narrow the negotiating range by resolving as many issues as possible. Both parties should try to determine the real objectives of the opposition. Lastly, the bargaining stage is what both parties result to if they’ve failed to reach an agreement on any major issues during the previous stages. Both parties are trying to reach a final agreement through the use of discussion, hard bargaining, and compromise, and negotiators are trying to get the most favorable terms possible for their organization. 2. There are several factors that can influence the negotiation such as thorough preparation, the use of a negotiation team, and the personal abilities and negotiator attributes. It is only through thorough preparation buyers can balance the initial disadvantage in the negotiation. The use of a negotiation team can influence...
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...or abusive activity affecting governmental entities. Their audits are designed to detect and deter the misappropriation of public assets and to reduce future fraud risks. (Associates, 2003) Compliance auditors must have the skills to research issues effectively using authoritative materials, understand how to apply the knowledge gained to the circumstances being tested, and be able to explain to the organization what compliance means in day-today operations. Reaching a conclusion that an outcome complies or does not comply with a standard is not necessarily simple, especially in domains governed by complex regulations (e.g. occupational health and safety, environmental, employment practices, health care, insurance, federal grants and contracts, employee pensions and benefits, federal tax etc.)....
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...* Chapter 20: The Formation of Sales and Lease Contracts - When we turn to contracts for the sale and lease of goods we move away from common law and into the area of statutory law. - UCC article 2: on sales, 2A: on leases - The goal of the UCC is to simplify and streamline commercial transactions, allowing parties to form contracts without observing the same degree of formality used in other types of contracts by making laws governing sales and lease contracts clearer, simpler and more readily applicable to the difficulties that can arise during such transactions. The Uniform Commercial Code (1949) Comprehensive Coverage of the UCC UCC: single most comprehensive codification of laws involved in total commercial transaction Views commercial transaction for sale and payment of goods as a whole Article 1: General Provisions Definitions and general principles applicable to commercial transactions, including an obligation to perform in “good faith” all contracts un the UCC Provides basic groundwork for the remaining articles A Single, Integrated Framework for Commercial Transactions UCC attempts to provide a consistent and integrated framework of rules to deal with all phases ordinarily arising in a commercial transaction Many sections from the different articles can apply to a single transaction Periodic Revisions of the UCC To clarify certain rules or establish new rules when changes in business customs have rendered existing UCC provisions inapplicable ...
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...1. Definition. a. Contract of Sale – By the contract of sale, one of the parties obligates himself to transfer the ownership of and to deliver a determinate thing, and the other to pay therefore a price certain in money or equivalent. (Article 1458) b. Conditional Sale – It is one kind of contract of sale where the sale contemplates a contingency, and in general, where the contract is subject to certain conditions, usually the full payment of the purchase price. The delivery of the thing sold does not transfer ownership until the condition is fulfilled. c. Sale by Description – It occurs where a seller sells things being of a particular kind, the buyer not knowing whether the seller’s representations are true or false, but relying on them as true; or, as otherwise stated, where the purchaser has not seen the article sold and relies on the description given him by the vendor, or has seen the goods but the want of identity is not apparent on inspection. If the bulk of the goods delivered do not correspond with the description, the contract may be rescinded. (Article 1481) d. Fungible Goods – These are goods of which any unit is, from its nature or by mercantile usage, treated as the equivalent of any other unit such as grain, oil, wine, gasoline, etc. 2. What remedies are available to a vendor in sale of personal property payable in installments? The vendor of personal property payable in installments may exercise any of the following remedies: a. Exact...
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...Identify legal and ethical requirements of property sales to complete agency work CPPDSM4008A Assignment Please read the “Guide to completing and submitting assignments” before you begin this assignment. What you need to do To successfully complete this assignment you must answer the following questions to demonstrate your knowledge. The assignment will be granted a result of “Competent” if the learning outcomes are achieved or “not yet competent” if not. If a result of “Not Yet Competent” is achieved you will be given the opportunity to resubmit your assignment. Your Task This task is designed for you to demonstrate your understanding of legal and ethical requirements of property sales to complete agency work. In part 1 you will investigate core functions of sales practice, including land ownership, the sale process, ethical conduct and legislative requirements. In part 2 you will complete a standard agency form to demonstrate your practical understanding to compliment the theoretical knowledge you have gained through completing the scenarios and readings. Responses to these questions can be found in the CD learning resource, relevant legislation, third party readings, resources and web links. NOTES: 1) When answering questions related to legislation you should quote the relevant section and Act (e.g. Section 32.1 Property Stock & Business Agents Act 2002) and describe the legislation IN YOUR OWN WORDS. Do not copy the legislation as...
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...Identify legal and ethical requirements of property sales to complete agency work CPPDSM4008A Assignment Please read the “Guide to completing and submitting assignments” before you begin this assignment. What you need to do To successfully complete this assignment you must answer the following questions to demonstrate your knowledge. The assignment will be granted a result of “Competent” if the learning outcomes are achieved or “not yet competent” if not. If a result of “Not Yet Competent” is achieved you will be given the opportunity to resubmit your assignment. Your Task This task is designed for you to demonstrate your understanding of legal and ethical requirements of property sales to complete agency work. In part 1 you will investigate core functions of sales practice, including land ownership, the sale process, ethical conduct and legislative requirements. In part 2 you will complete a standard agency form to demonstrate your practical understanding to compliment the theoretical knowledge you have gained through completing the scenarios and readings. Responses to these questions can be found in the CD learning resource, relevant legislation, third party readings, resources and web links. NOTES: 1) When answering questions related to legislation you should quote the relevant section and Act (e.g. Section 32.1 Property Stock & Business Agents Act 2002) and describe the legislation IN YOUR OWN WORDS. Do not copy the legislation as...
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