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The second part of the CIPS L4M3 exam focuses on the drafting and negotiation of commercial contracts. Candidates will learn how to draft effective contracts that meet the needs of both parties. They will also learn about the different negotiation techniques and strategies that can be used to achieve a win-win outcome. This section also covers the importance of effective communication and relationship management in the contracting process.
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 covers a range of topics, such as the legal framework for commercial contracting, contract formation and negotiation, contract management, dispute resolution, and supplier relationship management. L4M3 exam is ideal for procurement and supply chain professionals who are looking to enhance their knowledge and skills in commercial contracting and to demonstrate their expertise to employers and clients. By passing the CIPS L4M3 exam, professionals can demonstrate their commitment to continuous learning and development in the field of procurement and supply chain management, and improve their career prospects in this dynamic and challenging industry.
Beware that the sections of the exam change from time to time. Therefore, be alert by checking the updates frequently. It will prevent you from wasting time, material expenses, and inner peace. PrepAwayTest has another special deal as well. It will provide you with the CIPS L4M3 Dumps latest updates until 365 days after purchasing the L4M3 exam questions.
NEW QUESTION # 32
SFO procurement manager sent a request for quotation to Vogon International in which he determined the contract terms and specification. In SFO's standard terms and conditions, it is stated that 'Goods shall be delivered and Services performed by the applicable Delivery Date. Supplier must notify Buyer 3 days prior to the Delivery Date if Supplier is likely to be unable to meet a Delivery Date.' Vogon replied with a quotation without any amendment to SFO's terms & conditions. The SFO procurement manager found the prices were reasonable and submitted to senior management. Senior management team accepted that quotation and sent a notification to Vogon. On the Delivery Date, Vogon said they had no capacity to supply the product as the quotation due to a workers' strike. Did Vogon breach any agreement with SFO?
Answer: A
Explanation:
SFO issued an RFQ with defined terms and condition and detailed specification. This RFQ can be considered as an invitation to treat. Vogon's quotation is an answer to the purchaser's RFQ and is an offer to SFO. The contract come to life at the time Vogon received the notification from SFO senior management.
The strike may be a force majeur event, depending on the contract particular clauses and jurisdiction. In common law countries, force majeur is applicable as an exclusion of liability only if the contract allows it. In many civil law countries, force majeur is an implied term. But in every jurisdiction, force majeur is only a reason for excluding liability for non-performance of a contract. In other words, the non-performance party is not liable for any breach if force majeur event occurs but the event does not exclude the breach.
LO 1, AC 1.2
NEW QUESTION # 33
Which of the following statements is FALSE on contracts for the leasing of assets?
Answer: D
Explanation:
A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset. Some characteristics of Leases are:
- The right to use the lessor's asset is granted in exchange for a fee called the lease payment.
- The lease payments are usually paid in installments.
- Leases may be long- or short-term.
- At its inception a lease agreement constitutes a mutually unperformed contract Though the ownership of the asset is not transferred to the lessee, some responsibilities and risks do. The lessor and lessee may negotiate on who is responsible on maintenance, insurance, etc.
Reference:
LO 1, AC 1.3
NEW QUESTION # 34
A construction company is undertaking a housing development project. They need lots of bricks and other building materials, but the construction site doesn't have large area for storage of materials.Therefore, the company's suppliers must deliver the building materials with fixed quantity and at fixed time intervals. What type of contract is used between the construction company and its suppliers?
Answer: C
Explanation:
In the scenario, the contract between the company and its suppliers is continuous rather than one-off. So it cannot be one-off contract or spot purchase. The quantity and time is well known and fixed, this type of contract is known as call-off contract or blanket order.
Reference: CIPS study guide page 63-64
LO 1, AC 1.3
NEW QUESTION # 35
Which of the following will always give rise to a claim of misrepresentation?
1. Silence
2. False thought
3. Statement of fact
4. Representation by conduct
Answer: B
Explanation:
A misrepresentation is a false statement of fact or law which induces the representee to enter a contract.
Where a statement made during the course of negotiations is classed as a representation rather than a term an action for misrepresentation may be available where the statement turns out to be untrue.
For a party to claim for misrepresentation, there must be a false statement of fact or law as oppose to opinion or estimate of future events. It does not matter whether the incorrect information is given by words or takes the form of misleading conduct.
Silence will not generally amount to a misrepresentation. However, it can become a misrepresentation in some exceptional circumstances.
In the L4M3 study guide, the author states that "A statement of law is not misrepresentation". This is untrue in both common law and civil law systems. In the UK, false statement of law will now amount to an actionable misrepresentation (see Pankhania v Hackney [2002] EWHC 2441).
Reference:
- Misrepresentation
- L4M3 study guide page 53-55
LO 1, AC 1.2
NEW QUESTION # 36
In a contract, express terms and implied terms may contradict on the same issues. Under which of the following circumstances, implied terms will override express terms?
Answer: B
Explanation:
Express terms are the terms of the agreement which are expressly agreed between the parties. Ideally, they will be written down in a contract between the parties but where the contract is agreed verbally, they will be the terms discussed and agreed between the parties.
Implied terms are terms implied into the contract by the courts. They are not expressly set out in the contract but are taken to be as effective as if they were and as if they had been included from dayone of the contract.
The express terms and any implied terms together create the legally binding obligations on the parties.
Express terms are explicit and will normally override implied terms unless the implied term is created by statute and the law states that it cannot be overridden.
Reference:
- Contracts: Express and Implied Terms
- CIPS study guide page 126-132
LO 3, AC 3.1
NEW QUESTION # 37
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