Two contractors form a general partnership. One partner signs a supply contract for a partnership job and the bill goes unpaid. Who can the supplier collect from?
- Only the partner who signed the contract
- The partnership and either partner personally
- Only the partnership's own bank accounts and equipment
- Each partner, but only for half of the bill
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B. The partnership and either partner personally
Each general partner is an agent of the partnership and is personally liable for partnership debts, so the supplier can pursue the firm and either partner for the full amount. Liability is not limited to the signing partner or split in halves as far as the creditor is concerned.
Reference: Uniform Partnership Act: general partner agency and joint and several liability
Which statement describes a cost-plus-fee contract?
- The owner pays one fixed price regardless of the actual costs incurred
- The owner pays a set price for each measured unit of work
- The owner pays only after a certificate of occupancy is issued
- The owner reimburses actual costs and pays the contractor a fee
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D. The owner reimburses actual costs and pays the contractor a fee
In a cost-plus contract the owner pays the documented cost of the work plus a fixed or percentage fee for overhead and profit, so the owner carries the cost risk. A fixed price regardless of cost is a lump-sum contract.
Reference: Contract types: cost-plus-fee contract
How many cubic yards of concrete are needed for a slab 40 ft long, 30 ft wide and 6 in. thick? Do not add waste.
Answer in cubic yards.
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22.22 cubic yards
Thickness = 6 in. = 0.5 ft. Volume = 40 x 30 x 0.5 = 600 cu ft. 600 / 27 = 22.22 cu yd.
Reference: Estimating principles: volume takeoff, 27 cu ft per cu yd