CIPS L4M3 Training Kit - L4M3 Exam Actual Questions

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CIPS Commercial Contracting Certification Exam focuses on the principles of commercial contracting, including contract formation, contract administration, and contract termination. It also covers the legal and ethical aspects of contracting, as well as the practical skills required to manage contracts effectively. L4M3 exam is intended to test not only theoretical knowledge but also practical application, so candidates should be prepared to answer questions that require critical thinking and problem-solving.

CIPS L4M3 Exam is a challenging exam that requires candidates to have a solid understanding of the principles of commercial contracting. Candidates who pass the exam are recognized as experts in the field and are highly sought after by employers. L4M3 exam is an excellent opportunity for procurement and supply chain professionals to enhance their skills and knowledge, improve their career prospects, and contribute to the success of their organizations.

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CIPS L4M3 Training Kit - Realistic CIPS Commercial Contracting Exam Actual Questions Pass Guaranteed Quiz

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CIPS L4M3 exam is ideal for professionals who are involved in the procurement and contracting process, including contract managers, procurement managers, and supply chain professionals. L4M3 exam provides a comprehensive understanding of the commercial contracting process and enables professionals to develop skills and techniques that are essential for effective contract management. Successful completion of the CIPS L4M3 Exam demonstrates a commitment to professional development and provides a competitive advantage in the job market.

CIPS Commercial Contracting Sample Questions (Q159-Q164):

NEW QUESTION # 159
A supermarket purchases a new batch of house cleaner from new supplier. The supermarket is concerned about possible damage that the house cleaner may cause to consumers' floor. What type of insurance must they cover?

A. Professional indemnity insurance
B. Fire and explosion insurance
C. Public liability insurance
D. Product liability insurance

Answer: D

Explanation:
Product Liability Insurance is a form of general liability insurance meant to protect a business from financial and legal consequences as a result of bodily injury or property damage due to the use of the business's sold goods or products. Situations that are typically covered by Product Liability Insurance may include:
- A customer harms herself because of the faulty packaging on one of your products
- A drapery set that a customer purchased from your business was highly flammable and caught on fire, eventually damaging her entire kitchen
- A customer with a severe allergy finds trace amounts of tree nuts in your homemade gourmet muffins
- A homemade house cleaner that you sell damaged one of your customer's entire hardwood floor
- A customer becomes sick with food poisoning after eating old shellfish at your restaurant, goes to the hospital, and incurs medical costs caused by your contaminated food products
- A customer's pet becomes ill from ingesting some lining in a pet toy product that you sell In the scenario above, the supermarket is purchasing and reselling house cleaner, which can be covered by product liability insurance.
Public liability insurance is a type of business insurance that covers the cost of claims made by the public that happen in connection with the business activities.
Professional indemnity (PI) insurance is a commercial policy designed to protect business owners, freelancers and the self-employed if clients claim a service is inadequate.
Reference: CIPS study guide page 150-153
LO 3, AC 3.2

NEW QUESTION # 160
Bethy sees a coat on shop window with a $100 price tag. She comes and asks the shop owner to buy it. The owner states that the price has not been updated and the current price for the coat is $120. Bethy says the owner should honour the quoted price on window shop. Is Bethy correct?

A. No, the display on shop window is just an invitation to treat and the owner may change the price at his will
B. Yes, the owner has made an offer by showing his product on the shop window and he must honour that offer
C. No, the owner is revoking his initial offer to sell at $100 and he is proposing new offer to Bethy
D. Yes, $120 for a coat is extremely unreasonable and the owner's later offer therefore void

Answer: A

Explanation:
Based on two famous precedents, Fisher v. Bell (1961) and Pharmaceutical Society of Great Britain v. Boots Cash Chemists (1953), the display on shop window is considered as an invitation to treat. The shop owner can change the price when his customer asks to buy.
Reference: CIPS study guide page 29
LO 1, AC 1.2

NEW QUESTION # 161
A large company supplies a lot of products. Their shipments are often delayed and customers are not satisfied.
Which of the following KPIs is most likely to be applied to this situation?

A. Technical support
B. OTIF delivery
C. Delay damages
D. Consignment stock availability

Answer: B

Explanation:
If the deliveries often delay, buyer should use KPI to measure how many missed deliveries there are and the percentage of total missed deliveries on total number of deliveries for period. OTIF (one-time in-full) delivery might help.
Consignment stock availability means that the supplier holds adequate range/number of units of stock to offer a reliable service Delay damages are the consequences caused by delay of deliveries Technical support is the acceptable quality of technical information/support provided by supplier for goods supplied.
LO 2, AC 2.2

NEW QUESTION # 162
MWB operates serviced offices in central London. Rock entered a contractual licence with MWB to occupy office space in Marble Arch and had accumulated licence fees in arrears. The original licence agreement contained a 'No Oral Modification' clause that said: 'All variations to this licence must be agreed, set out in writing and signed on behalf of both parties before they take effect'.
After 6 months, Rock director re-negotiated to extend payment period over phone call and MWB credit controller agreed his proposal. Is this agreement considered as an effective variation to the original licence agreement?

A. Modification' clause, must have intended to dispense with the clause
B. Yes, because the credit controller had agreed with Rock director's proposal
C. Yes, because parties who agree to altering the original contract orally despite a 'No Oral.
D. No, because Rock director assumed that the variation was effective and convinced credit controller to believe it
E. No, because the mechanism for variation has been set out in the original contract

Answer: E

Explanation:
The license can be amended during its lifespan. However, in this case, it already has a clause allowing for mechanism of variation which sets out who can authorise changes and prohibits any oral variation. Therefore, the agreement between Rock's director and MWB credit controller is not an effective variation to the license.
Reference:
LO 1, AC 1.1

NEW QUESTION # 163
Which of the following are likely to be implied terms in a contract? Select TWO that apply:

A. Legal precedence
B. Contract clause
C. Definition & interpretation
D. Statute
E. Contract appendix

Answer: A,D

Explanation:
An implied term is a term which the courts imply into a contract because it has not been expressly included by the parties. This may be because the parties did not consider it, did not think that any problem would arise in relation to it or simply omitted to include it.
The courts are very reluctant to imply terms into contracts and will only do so in the following circumstances:
- terms implied under statute
- terms implied under common law
- terms implied because of custom or usage
- terms implied due to previous dealings
- terms implied 'in fact' or to reflect the parties' intentions
Reference:
- Contracts: Express and Implied Terms
- CIPS study guide page 32
LO 1, AC 1.2

NEW QUESTION # 164
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