[Apr 18, 2023] New CIPS L5M3 Dumps with Test Engine and PDF (New Questions) [Q20-Q37]

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[Apr 18, 2023] New CIPS L5M3 Dumps with Test Engine and PDF (New Questions)

Pass Your L5M3 Exam Easily – Real L5M3 Practice Dump Updated

Q20. Which of the following would not be considered a contract? Select TWO

A written agreement between two robbers to rob a bank which states that the money gained would be split evenly between the two.

a domestic agreement between two parents about who will pick the kids up from school

a phone call between a supplier and buyer in which the buyer agrees to purchase 100 teddy bears from the supplier for £100.

a written document in which Paul agrees to clean Freda’s house for £10

an email chain between a buyer and supplier which includes a PO and Invoice

Q21. Which of the following will you put into box 8?

adjudication

arbitration

mediation

litigation

Q22. Which of the following will you put into box 6?

adjudication

litigation

arbitration

mediation

Q23. George is a procurement manager at a manufacturing company and is reviewing a contract he has with a supplier. He notes that there are multiple appendices to the contract and there is no Precedence of Documents. What does this mean for the contract?

all clauses are considered equal

clauses in the contract take precedent over clauses in the appendices

the clauses that come first in the document, take precedent

the contract is not valid

Q24. Sam is a factory manager and has purchased a new fixed asset on a loan purchase agreement. There is a forbearance agreement between the Factory and the provider. What does this mean?

the lender agrees to give the breaching party a period of time as an extension by which to meet their obligations

the lender requires the buyer to assign a guarantor in case they cannot make payments

the lender is able to demand full payment of outstanding balances in case of none pay-ment

the lender is able to charge interest on the purchase in line with RPI

Q25. Conciliation differs from mediation in which of the following ways?

mediation is voluntary and conciliation is mandatory

mediation is cheaper than conciliation

the outcome of mediation is not binding and the outcome of conciliation is binding

the mediator has no decision making power but a conciliator can provide recommen-dations

Q26. A contract term which is difficult to classify at the time of drafting a contract is known as?

condition

warranty

consideration

innominate

Q27. Which of the following will you put into box 8?

Condition

Warranty

Innominate Term

Q28. Which of the following will you put into box 8?

Mediation

Arbitration

Litigation

Negotiation

Q29. Which of the following statements about adjudication is true?

adjudicators are appointed at random and therefore may not have specific knowledge of the subject matter

the decision making process can be lengthy and expensive

parties are expected to present their cases in person in front of the adjudicator

the decision made by the adjudicator is binding and usually communicated within 28 days

Q30. Which of the following will you put into box 7?

Condition

Warranty

Innominate Term

Q31. Which of these statements about Guarantees are TRUE? Select 2

A Guarantee is a secondary obligation of a contract

A guarantor’s responsibility is higher than the Principle

A guarantee is a promise to repair or replace an item within a defined period of time

A guarantor’s responsibility cannot be higher than the Principle

Q32. Which of the following will you put into box 6?

liability

payment terms

liquidated damages

Contract variation

Q33. Which of the following are a suitable course of action to take in the event of a minor breach of a contract? Select TWO

litigation

progress meetings

collaboration

adjudication

liquidated damages

Q34. When there has been a major breach in a contract, the contract will be terminated. Is this statement true?

yes- the contract will be terminated and damages sought

yes- the contract must be terminated as there is no means by which the contract could continue after a major breach

no- the contract can be affirmed by the injured party

no- the contract can continue if the offending party proves that further breaches won’t occur

Q35. Which of the following would be included in a contract to assign costs and responsibilities be-tween buyer and seller when products are delivered?

Indemnity

Liquidated Damages

Liability

Incoterms

Q36. Where two parties are engaged in international trade and have a long term relationship and a degree of mutual trust, which payment mechanism is commonly used?

Letter of Credit

Documentary Collection

Bill of Exchange

Stage Payment

Q37. Which of the following will you put into box 2?

anticipatory breach

fundamental breach

payment terms

specification

The CIPS L5M3 course is an essential qualification for procurement professionals who wish to enhance their knowledge and skills in managing contractual risk. The course is designed to provide participants with a comprehensive understanding of the legal framework, risk identification, assessment, mitigation, and monitoring involved in contract management. Upon completion of the course, participants will be equipped with the skills and knowledge required to manage contractual risk effectively, ensuring that their organizations are protected from potential legal and financial consequences.

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