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CIPS L4M3 (CIPS Commercial Contracting) Certification Exam is a globally recognized certification program designed for procurement and supply chain professionals who specialize in commercial contracting. The program is offered by the Chartered Institute of Procurement and Supply (CIPS), an international organization that sets the standards for professional procurement and supply chain management.
L4M3 Exam Collection Pdf & Pass L4M3 RateThus you can study CIPS L4M3 on your preferred smart device such as your smartphone or in hard copy format. Once downloaded from the website, you can easily study from the CIPS L4M3 Exam Questions compiled by our highly experienced professionals as directed by the CIPS exam syllabus. CIPS Commercial Contracting Sample Questions (Q131-Q136):NEW QUESTION # 131
Which of the following statement is true about one-off contract?
A. One-off contracts can be used for services and works
B. Suppliers have many opportunities to improve the quality during the performance of one-off contract
C. Ad-hoc purchase is not a type of one-off purchase
D. One-off contracts only apply to low-value, low-risk purchase
Answer: A
Explanation:
One-off contract is the type of contract that relates to a single purchase. One-off contracts can be used for goods, services or works. One-off contract can be simple (such as buying a small number of office stationeries) or complex (such as a construction project or buying an aircraft).
A one-off contract lasts "until completion of the obligations of the parties". The performance is unlikely to be improved during contract performance since the duration is relatively shorter than framework agreement or call-off contract.
Ad-hoc purchase is an item bought for a single and non-recurring use or purpose. Ad-hoc purchase is a type of one-off contract.
Reference: CIPS study guide page 55-58
LO 1, AC 1.3
NEW QUESTION # 132
What does quantum meruit mean?
A. A non-graduations promise
B. An implied promise
C. As much as is paid
D. As much as is earned
Answer: D
Explanation:
Quantum meruit means "the amount he deserves" or "as much as he has earned". In most cases it denotes a claim for a reasonable sum in respect of services or goods supplied to the defendant.
An action in quantum meruit is available to recover money for services or goods supplied to a defendant in circumstances where the claimant is not recompensed by performing his obligations or supplying the goods. The claimant must usually show that the defendant expressly or impliedly requested or freely accepted the services or goods in question. Depending on the facts, the claimant might find it difficult to prove how much the claimant is entitled to receive under the principle of quantum meruit.
A claim for quantum meruit cannot arise if the parties have a contract to pay an agreed sum. In such circumstances, the parties' relationship is governed by the law of contract. However, a claim for quantum meruit may arise where the parties:
- Have not agreed a contract, or there is a so-called quasi-contract. For example, the parties may have agreed some of the contractual terms, but may have failed to reach an agreement on an essential term, such as price.
- Have not fixed a price for the services or goods supplied.
- Have an agreement to pay a reasonable sum for the services or goods supplied.
- Have agreed a scope of work under the original contract and the work carried out falls outside that scope.
Reference:
LO 3, AC 3.1
NEW QUESTION # 133
John Powers is the managing director of ACC Trading Ltd, which provides components to the automotive industry. His company has been providing number plates to Elite Motors Ltd for many years. As John Powers and Peter Ellis, the MD of Elite, have been friends for a long time, there has never been a formal contract agreed between the companies. Following a downturn in the market, Elite Motors Ltd has now been placed in administration. ACC recently delivered 200 number plates but have not received payment. As the number plates have been fitted to some vehicles, the administrators are being very slow to return them. Which clause in a formal agreement would have helped John?
A. Retention of Title (Romalpa)
B. Force Majeure
C. Liquidated Damages
D. Penalty Clause
Answer: A
Explanation:
A Retention of Title clause allows the seller to retain ownership of goods until full payment is received. If included in a contract, this clause would have enabled ACC to claim ownership of the number plates and potentially recover them from Elite Motors Ltd, even in administration. It protects suppliers against buyer insolvency.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 3, Section 3.2.1 - Retention of Title clauses.
NEW QUESTION # 134
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. No, because Rock director assumed that the variation was effective and convinced credit controller to believe it
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 the mechanism for variation has been set out in the original contract
E. Modification' clause, must have intended to dispense with the clause
Answer: D
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 # 135
Danielle buys a car from Aaron. Not long after, she receives an proposal from Brian, who isinterested in buying the car but his budget is very constraint. Then, Brian decides to sign a hire purchase agreement with Danielle which lasts 4 years. Brian lives very far from Danielle, so hehires Charlie to deliver the car to his place. During the transport, Charlie has an accident and the car is written off. At the time of accident, who has the title of the car?
A. Brian
B. Aaron
C. Charlie
D. Danielle
Answer: D
Explanation:
Hire purchase is an arrangement for buying expensive consumer goods, where the buyer makes an initial down payment and pays the balance plus interest in installments. The ownership of the merchandise is not officially transferred to the buyer until all the payments have been made.
Danielle has purchased the car from Aaron, which means its title has been transferred to her. The accident happens before the last instalment is paid. Therefore, the ownership of the car still belongs to Danielle Reference: CIPS study guide page 70 LO 1, AC 1.3
NEW QUESTION # 136
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