The Following are Correct:
It involves contracts that are legal documents between a buyer and a seller
Different types of contracts are appropriate based on risk and scope of work
It is about purchasing or acquiring the products, services or results needed from outside the project team, and includes planning, soliciting sources, choosing a source, administering the contract, and closing the contract.
Analytical Techniques using weighting systems for different vendor criteria is one way to compare and decide on which vendor to select