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[General] Role of CIPS L4M3 Exam Real Questions in Exam Success

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【General】 Role of CIPS L4M3 Exam Real Questions in Exam Success

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To prepare for the CIPS L4M3 Exam, procurement professionals should have a good understanding of the procurement process, contract management, and supply chain management. They should also have knowledge of legal principles related to commercial contracts and be familiar with industry best practices for contract negotiation and performance evaluation. CIPS provides study materials and training courses to help candidates prepare for the exam.
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CIPS L4M3 exam is a crucial assessment for procurement professionals who are looking to advance their career in commercial contracting. L4M3 exam focuses on the skills and knowledge required to successfully manage commercial contracts and ensure effective supplier performance. L4M3 Exam covers a wide range of topics, including contract formation, contract administration, and contract termination.
CIPS Commercial Contracting Sample Questions (Q32-Q37):NEW QUESTION # 32
Which of the following is a true statement on express and implied terms?
  • A. Express terms always take precedent over implied terms
  • B. Express terms must always be in writing
  • C. Express terms must be prepared by the party with expert knowledge
  • D. Implied terms may derive from oral negotiations
Answer: D
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 day one of the contract.
The express terms and any implied terms together create the legally binding obligations on the parties.
The types of express terms to be found in a contract are many and varied and will depend on the type of contract. Any term written into the contract is an express term and may refer to price, time scales, warranties and indemnities, limitations on liability, conditions precedent and so on.
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:
1. terms implied under statute
2. terms implied under common law
3. terms implied because of custom or usage
4. terms implied due to previous dealings
5. terms implied 'in fact' or to reflect the parties' intentions
Reference:
- CIPS study guide page 126-132
- Contracts: Express and Implied Terms
LO 3, AC 3.1

NEW QUESTION # 33
Rochdale Ltd is looking for a new IT system to automate some of its operations. In designing the specification, procurement manager supposes that it should be done solely by the IT department who have deep expertise on this matter. Is procurement manager's opinion appropriate?
  • A. No, because challenging the user's demand is the role of procurement
  • B. No, because designing complex specification could only be outsourced
  • C. Yes, because procurement professional has no expertise in IT sector
  • D. Yes, because designing complex specification would waste procurement manager's time
Answer: A
Explanation:
Procurement professionals have a role in challenging specifications. Technical experts can get things wrong and asking naive questions can be useful in bringing these to light. The challenging may include:
- Does the organisation really need these features/functions?
- With this specification, are there many available suppliers in the market?
- How many does the organisation really need?
etc
Reference: CIPS study guide page 9-10
LO 1, AC 1.1

NEW QUESTION # 34
Tony Campbell, a West Logistics Ltd (WLL) procurement manager, is working on a specification for a data storage solution. The current version of an Information Security Management standard (ISO 27001) has been identified as a suitable standard for potential suppliers to be certified to. What is the advantage to WLL of stipulating this type of standard within a product specification?
  • A. It allows the buying organisation to set the pricing for its products
  • B. It allows all suppliers to understand the common criteria that is required
  • C. It ensures the suppliers control spending and pass the savings on
  • D. It removes the requirement for quality management measures
Answer: B
Explanation:
Referencing recognised international standards like ISO 27001 in specifications ensures that all potential suppliers understand and meet a uniform set of expectations regarding data security. This not only promotes consistency but also reduces the burden on the buyer to evaluate varied, incompatible approaches.
Reference:
CIPS L4M3 Commercial Contracting Study Guide, Chapter 2, Section 2.1.3 - Use of international and industry standards in specifications.

NEW QUESTION # 35
Maximum Score: 1
Which of the following are examples of a lack of 'capacity' to enter into a contract?
* A contracting party has a severe mental disorder
* A contracting party has failed to concentrate during negotiations
* A contracting party is 19 years of age
* A contracting party (corporation) has acting 'ultra vires' (beyond its defined legal powers)
  • A. 1 and 2 only
  • B. 2 and 4 only
  • C. 2 and 3 only
  • D. 1 and 4 only
Answer: D
Explanation:
Capacity to contract relates to legal and mental ability:
* Severe mental disorder (1) can mean no true understanding of the contract # lack of capacity.
* A corporation acting ultra vires (4) (beyond its legal powers) is considered to lack capacity in that transaction.
Failing to concentrate (2) is carelessness, not incapacity. Being 19 years old (3) is over the usual age of majority (18), so there is capacity.
Correct combination: 1 and 4 only.
Reference: CIPS L4M3 Commercial Contracting - Elements of a valid contract: capacity, legality, consent.

NEW QUESTION # 36
A company needs to source a product from overse
a. It wants to overcome technical barrier to cross-border trade by using standards in the specification. Which of the following is most likely to be incorporated into that specification?
  • A. National standards
  • B. International standards
  • C. Brands
  • D. Company standards
Answer: B
Explanation:
Exporting enterprises must sometimes incur additional costs as they adapt their production to the changing legal requirements of the recipient country. Such requirements can thus create technical barriers to trade. Discrepancies between product rules adopted by different countries can involve numerous aspects: weight, size, packaging, ingredients, mandatory labeling, shelf-life conditions, testing and certification procedures etc.
One way to overcome these barriers is to adopt international standards. Overseas companies may be more familiar with international standards without looking at specific regulations of importing countries.
Reference:
- What is a technical barrier to trade?
- CIPS study guide page 88-89
LO 2, AC 2.1

NEW QUESTION # 37
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