Engineering Board Exam Reviewer · ECE · easy
A construction contract in which the contractor agrees to complete the entire work for a fixed total price is called a:
- Unit-price contract
- Cost-plus contract
- Lump-sum (fixed-price) contract
- Time-and-materials contract
Answer
C. Lump-sum (fixed-price) contract
Solution
The contractor bears most of the cost risk.
More ECE questions
- A building completed in 2010 collapsed in 2022 because of a defect in the structural plans. Within what period must the owner file the…
- A contract to supply surveillance equipment for an illegal gambling operation is:
- A verbal agreement was made on January 2, 2024 to maintain a company's PABX system for two years, starting the following month. The…
- A 17-year-old student signs a contract with a computer shop to buy a laptop on installment without parental consent. When the student…
- An ECE contractor agreed in writing to install a fiber network for a subdivision. Before work began, the developer discovered that the…
- Damages awarded to vindicate a right that has been violated even if no actual loss is proven are:
- Damages imposed by way of example or correction for the public good, in addition to other damages, are:
- Damages awarded to compensate for actual pecuniary loss that has been duly proven are called:
- Liquidated damages in a contract are:
- Simulation of contract where the parties do not intend to be bound at all is called: