STUDY L4M3 CENTER - INSTANT L4M3 DISCOUNT

Study L4M3 Center - Instant L4M3 Discount

Study L4M3 Center - Instant L4M3 Discount

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CIPS L4M3 (CIPS Commercial Contracting) Exam is a globally recognized certification designed for procurement professionals who are involved in commercial contracting. L4M3 exam covers a wide range of topics such as the principles of commercial contracting, the legal and regulatory framework of contracting, contract management, and supplier relationship management. CIPS Commercial Contracting certification is ideal for procurement professionals who want to gain a deeper understanding of how to manage commercial contracts and build successful relationships with suppliers.

CIPS L4M3, also known as Commercial Contracting, is an important certification exam for individuals who wish to enter the world of procurement and contracting. L4M3 Exam aims to equip learners with key knowledge and skills needed for successful commercial contracting. In L4M3 exam, learners engage with various elements of contemporary commercial contracting practices and strategies that play an essential role in an organization's success.

CIPS Commercial Contracting Sample Questions (Q38-Q43):

NEW QUESTION # 38
What does quantum meruit mean?

  • A. As much as is earned
  • B. As much as is paid
  • C. An implied promise
  • D. A non-graduations promise

Answer: A

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 # 39
A supermarket purchases a new batch of house cleaner from new supplier. The supermarket is concerned about possible damage that the house cleaner may cause to consumers' floor. What type of insurance must they cover?

  • A. Public liability insurance
  • B. Fire and explosion insurance
  • C. Product liability insurance
  • D. Professional indemnity insurance

Answer: C

Explanation:
Product Liability Insurance is a form of general liability insurance meant to protect a business from financial and legal consequences as a result of bodily injury or property damage due to the use of the business's sold goods or products. Situations that are typically covered by Product Liability Insurance may include:
- A customer harms herself because of the faulty packaging on one of your products
- A drapery set that a customer purchased from your business was highly flammable and caught on fire, eventually damaging her entire kitchen
- A customer with a severe allergy finds trace amounts of tree nuts in your homemade gourmet muffins
- A homemade house cleaner that you sell damaged one of your customer's entire hardwood floor
- A customer becomes sick with food poisoning after eating old shellfish at your restaurant, goes to the hospital, and incurs medical costs caused by your contaminated food products
- A customer's pet becomes ill from ingesting some lining in a pet toy product that you sell In the scenario above, the supermarket is purchasing and reselling house cleaner, which can be covered by product liability insurance.
Public liability insurance is a type of business insurance that covers the cost of claims made by the public that happen in connection with the business activities.
Professional indemnity (PI) insurance is a commercial policy designed to protect business owners, freelancers and the self-employed if clients claim a service is inadequate.
Reference: CIPS study guide page 150-153
LO 3, AC 3.2


NEW QUESTION # 40
Which of the following are key features of standard terms and conditions? Select TWO that apply

  • A. Specific to each purchase order
  • B. Standard terms always comply with implied terms
  • C. Designed to be used in repetitive transactions
  • D. Non-disclosure
  • E. Non-negotiable

Answer: C,E

Explanation:
The key features, advantages and disadvantages of standard terms are summarised below:
- Form: Concise, generic and designed to be attached to purchase or sales orders
- Non-negotiable
- Ineffective terms: may be replaced by implied terms or national legal code rules, or subject to court 'balance of interest' judgement.
- Advantages: Basic contractual protection for most common circumstances; Avoid having to create new contract for repeat business.
- User friendly
- Usage: Low value, low risk, repetitive transactions
- Coverage: Definitions, relationship to other contracts, formation of the contract, order of precedence, price, invoicing and payment, specification, legal compliance, warrantee and liability, ownership and risk, intellectual property, data management and ethics.
- Disadvantages: Does not allow for specific circumstances; Risk for creating battle of the forms; Can create contractual uncertainty if used with purchase orders under call-off contracts.
Reference:
LO 3, AC 3.1


NEW QUESTION # 41
Northern Province Authority (NPA) seeks to use market dialogue to improve the contract specification for a new procurement tender of a domestic waste collection contract. Which of the following topics would be appropriate for dialogue with potential suppliers?

  • A. Pricing proposals
  • B. Contract terms
  • C. Human resourcing
  • D. Service innovation

Answer: D

Explanation:
Early market dialogue is used to explore supplier capabilities and gather ideas, particularly in complex or innovative services. Discussing service innovation with suppliers helps the buyer shape better specifications and outcomes. Topics like pricing and contract terms should remain within formal procurement stages to ensure fairness.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 2, Section 2.1.1 - Use of early market engagement and its limitations.


NEW QUESTION # 42
A fashion company is drafting a specification for an order in next year. The company wants to expand its supply base in low cost countries. The procurement department is considering applying standard ISO 3759 on method for the preparation, marking and measuring of textile fabrics, garments and fabric assemblies for use in tests for assessing dimensional change after a specified treatment. Which of the following should be taken into account when embedding this standard into the specification?

  • A. Legality
  • B. Date of publication
  • C. Type of specification
  • D. Supplier selection

Answer: B

Explanation:
Standards are incorporated into specifications by simply cross-refering to the relevant standard by its number and date of publication. It is important to include the date of publication. All standards are reviewed from time to time and their content changes. The absence of the publication date will lead to disrupts over which version of the standard actually applies to the contract.
Reference:
LO 2, AC 2.1


NEW QUESTION # 43
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