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L4M3 Reliable Exam Answers & Trustworthy L4M3 SourceAlmost everyone is trying to pass the CIPS Commercial Contracting (L4M3) certification exam to upgrade their CVs and land desired jobs. Every applicant of the CIPS Commercial Contracting (L4M3) exam faces just one problem and that is not finding real and Latest L4M3 Exam Questions. Applicants are always confused about where to buy actual L4M3 Exam Questions and prepare successfully for the CIPS Commercial Contracting (L4M3) exam in a short time. CIPS Commercial Contracting Sample Questions (Q88-Q93):NEW QUESTION # 88
Which of the following are always included within a framework agreement? Select TWO that apply:
A. Call-off procedure
B. Duration
C. Exact quantity to be purchased
D. Exact price to be paid
E. Insurance
Answer: A,B
Explanation:
A framework agreement will set out the following:
- How call offs can be made - whether a mini-competition is required or a direct call off can be made
- How price is calculated
- The specification - this may have various options to cater for different needs
- The duration of the agreement
- Who can access the agreement
- Any limitations
- The main terms to be included in the contract or the form of contract to be used, where this is intended to be a standard form.
Reference:
LO 1, AC 1.3
NEW QUESTION # 89
Buyer D agrees a contract with Supplier C which includes the words 'to be agreed' in relation to the date for delivery of the goods. At the time of the contract, Buyer D is aware that the goods take two days to produce and one day to deliver. Buyer D contacts the supplier one week later, requesting the goods be delivered the following day. Supplier C is unable to deliver the next day but rather delivers the goods three days later. Is it the case that Buyer D can legally refuse to pay for the goods because Supplier C is in breach of contract?
A. Yes, because the goods should have been delivered within three days
B. No, because the goods were delivered within a reasonable time
C. No, because there is a contract in place and the delivery date does not matter
D. Yes, because the delivery date is an express term within the contract
Answer: B
Explanation:
In the absence of a clearly defined delivery date, contract law defaults to performance within a "reasonable time." Given that no firm delivery date was agreed upon and the goods were delivered in a timeframe consistent with known production and delivery times, the supplier is not in breach.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 3, Section 3.1.1 - Implied terms and delivery timelines.
NEW QUESTION # 90
A purchase order can become a contract between supplier and purchaser if it is...?
A. Accepted by the supplier
B. Received by the supplier
C. Edited by the supplier
D. Issued by the buyer
Answer: A
Explanation:
A purchase order is a document sent from a buyer to a seller, with a request to order a product. The purchase order often has its number, description and quantity of the goods, unit prices and total price, name of issuer, time of delivery, standard terms and conditions, etc. It is effectively an offer to supplier. The purchase order will become a formal contract if supplier accepted it by written notice or by performance (such as deliver the goods to the buyer's premise).
Reference: CIPS study guide page 33
LO 1, AC 1.2
NEW QUESTION # 91
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 owner is revoking his initial offer to sell at $100 and he is proposing new offer to Bethy
B. Yes, $120 for a coat is extremely unreasonable and the owner's later offer therefore void
C. Yes, the owner has made an offer by showing his product on the shop window and he must honour that offer
D. No, the display on shop window is just an invitation to treat and the owner may change the price at his will
Answer: D
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 # 92
Which of the following are likely to be advantages of using request for quotation? Select TWO that apply:
A. Short turnaround times
B. Helping the buying organisation assess both price and quality
C. No specification required
D. Encouraging suppliers to submit creative solutions
E. Lower administration costs
Answer: A,E
Explanation:
One of the advantages of using the RFQ method to procure pricing is that the company making the solicitation does not need to prepare any documentation, as requests are sent out privately. With less paperwork to prepare, turnaround times for quotes are reduced. Administration cost is also lower in compare with other procurement method like ITT or RFP. RFQ is usually used in low value purchase, where buyer knows the detailed specification and the price is the only variable that need to consider.
To use RFQ effectively, the buyer should attach the detailed specification and standard terms & conditions. The RFQ should only be sent to verified suppliers.
Reference:
- What is an RFQ?
- CIPS study guide page 3-4
LO 1, AC 1.1
NEW QUESTION # 93
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