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CIPS L4M3 exam, also known as the CIPS Commercial Contracting exam, is an essential qualification for procurement professionals who want to develop their skills in commercial contracting. L4M3 Exam is designed to equip candidates with the knowledge and skills required to manage commercial contracts effectively, from the tender process through to contract completion.
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The Chartered Institute of Procurement and Supply (CIPS) is a globally recognized professional body that provides training and certification in procurement and supply management. One of the most popular courses offered by CIPS is the CIPS Commercial Contracting course, which enables professionals to develop their skills and knowledge to become effective negotiators and contract managers. The CIPS Commercial Contracting course is accredited by CIPS and it is an internationally recognized qualification in procurement and supply chain management.
CIPS Commercial Contracting Sample Questions (Q126-Q131):
NEW QUESTION # 126
Which of the following are advantages of using a model form contract in negotiations between buyer and seller?
These contracts can save time in negotiations
Each contract is approved by the courts
These contracts are appropriate for all complexities
The contracts are well-known to both parties
- A. 3 and 4
- B. 2 and 3
- C. 1 and 2
- D. 1 and 4
Answer: D
Explanation:
Model contracts are pre-drafted templates commonly accepted in specific industries, helping to reduce negotiation time and increase consistency. They are often familiar to both parties, reducing misunderstandings. However, they are not court-approved by default and may not suit all complex needs without modifications.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 3, Section 3.1.3 - Advantages and limitations of model form contracts.
NEW QUESTION # 127
If a false statement of material fact is made by one of the contracting parties, the misled party will have remedies for:
- A. Recission
- B. Indemnity
- C. Damages
- D. Misrepresentation
Answer: D
Explanation:
A false statement that induces a party to enter a contract constitutes misrepresentation. This provides the misled party with remedies that may include rescission (cancellation of the contract) and, depending on the type of misrepresentation (fraudulent, negligent), possibly damages as well.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 1, Section 1.3.1 - Misrepresentation and legal remedies.
NEW QUESTION # 128
A procurement manager is preparing a long-term contract with a major supplier. She decides to use the variable pricing arrangement using price indices. The payment terms describe the circumstances and mechanism where the price is allowed to change. In order to successfully manage this type of contract, the buying organisation should have...?
- A. Good market knowledge
- B. Selection of base year
- C. Value for money
- D. Economy of scale
Answer: A
Explanation:
There are several approaches to price adjustment for long-term contract. Describing circumstances and mechanism is one of them. Although this approach has some limitations, it is the best option. It relies on good market knowledge but provides the most equitable approach to satisfying the needs of the purchaser and the supplier.
Reference: CIPS study guide page 184
LO 3, AC 3.3
NEW QUESTION # 129
A retailer prefers to display its best selling products and promotion programme on the building windows. According to rule of contract formation, this act will generally constitute...?
- A. An invitation to treat
- B. A mailbox rule
- C. A legal capacity
- D. An offer
Answer: A
Explanation:
Fisher v Bell [1960] and Pharmaceutical Society of Great Britain v Boots Cash Chemists [1953] identified that the courts will generally consider goods advertised in shop windows or those with a price tag attached to constitute an invitation to treat. An invitation to treat is a concept in contract law. It refers to an invitation for a party to make an offer enter into contractual negotiations.
Invitations to treat can be anything displayed to a large number of people, as long as there is no defined way to choose who can accept. Items on display in a shop, advertisements, and catalogues are all common examples of invitations to treat.
However, there are cases in the US shows that under some circumstances an advertisement can become an offer (see Leftkowitz v Great Minneapolis Surplus Stores [1957]).
Reference:
- What is an Invitation to Treat in Contract Law?
- CIPS study guide page 29
LO 1, AC 1.2
NEW QUESTION # 130
Which of the following is the set of principles that enables courts to determine exactly what the written contract says and what that must mean, then the court will uphold that?
- A. Rules of interpretation
- B. Rules of contract formation
- C. Unfair Contract Act 1977
- D. Order of precedence
Answer: A
Explanation:
Courts may be called upon to interpret a statute due to disputes over the meaning of a word or phrase contained within a statute. These disputes may arise through a variety of reasons. It has long been held that words are an imperfect means of communication. Omissions may have occurred at the drafting stage, word or phraseology ambiguity, etymological change through time, oversight on specific points, or a failure to adapt legislation to new developments. This may result in the judiciary providing a role in statutory interpretation. Statutory interpretation in its broadest sense is the process of determining the true meaning of a written document. In UK, the Interpretation Act 1978 provides limited scope to assist judges with statutory interpretation in that it only provides standard definitions to common provisions such as a rebuttable presumption that terminology in the masculine gender also include the feminine, and that the singular includes plural.
An order of precedence clause sets out the order in which the contract documents take precedence in the event of an inconsistency.
The Unfair Contract Terms Act 1977 (c 50) is an Act of Parliament of the United Kingdom which regulates contracts by restricting the operation and legality of some contract terms. It extends to nearly all forms of contract and one of its most important functions is limiting the applicability of disclaimers of liability. The terms extend to both actual contract terms and notices that are seen to constitute a contractual obligation.
Reference:
- Rules of Statutory Interpretation
- CIPS study guide page 43-46
LO 1, AC 1.2
NEW QUESTION # 131
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