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CIPS L4M3 Trustworthy Exam Torrent

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CIPS L4M3 certification exam is an internationally recognized qualification that focuses on commercial contracting. CIPS Commercial Contracting certification is designed to equip professionals with the skills and knowledge required to effectively manage contracts in a commercial environment. L4M3 course covers a wide range of topics such as contract formation, contract administration, contract negotiation, and contract termination. Successful completion of this certification exam demonstrates a high level of proficiency in commercial contracting and is highly valued by employers across various industries.

To obtain the CIPS L4M3 certification, candidates must pass a three-hour exam that consists of 60 multiple-choice questions. L4M3 exam is computer-based and is available at testing centers around the world. Candidates must also have completed the CIPS L4M2 (CIPS Ethical and Responsible Sourcing) certification as a prerequisite.

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CIPS Commercial Contracting Sample Questions (Q29-Q34):

NEW QUESTION # 29
An organization has a normal tender process that often last 1 month from defining the needs to contract award. Manufacturing department suddenly required a new special part that they could not foresee within a month. Which of the following should be the priority actions of procurement manager in this urgent situation? Select TWO that apply:

  • A. Submit full business justification
  • B. Design new specification
  • C. Review contract performance
  • D. Develop relationships with potential suppliers
  • E. Get high-level authority approval

Answer: A

Explanation:
This urgent needs occasionally occur due to a sudden change in circumstances. The process for selecting a replacement supplier must still be controlled. If there is a reason for normal processes to be waived, this must be fully documented and approved at a high level.
Reference:
LO 1, AC 1.1

NEW QUESTION # 30
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. Yes, the owner has made an offer by showing his product on the shop window and he must honour that offer
  • B. Yes, $120 for a coat is extremely unreasonable and the owner’s later offer therefore void
  • C. No, the owner is revoking his initial offer to sell at $100 and he is proposing new offer to Bethy
  • 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:
LO 1, AC 1.2

NEW QUESTION # 31
Which of the following is the set of principles that enables courts to determine exactly what the written contract says and what that must mean, then the court will uphold that?

  • A. Rules of contract formation
  • B. Unfair Contract Act 1977
  • C. Order of precedence
  • D. Rules of interpretation

Answer: D

Explanation:
Courts may be called upon to interpret a statute due to disputes over the meaning of a word or phrase contained within a statute. These disputes may arise through a variety of reasons. It has long been held that words are an imperfect means of communication. Omissions may have occurred at the drafting stage, word or phraseology ambiguity, etymological change through time, oversight on specific points, or a failure to adapt legislation to new developments. This may result in the judiciary providing a role in statutory interpretation. Statutory interpretation in its broadest sense is the process of determining the true meaning of a written document. In UK, the Interpretation Act 1978 provides limited scope to assist judges with statutory interpretation in that it only provides standard definitions to common provisions such as a rebuttable presumption that terminology in the masculine gender also include the feminine, and that the singular includes plural.
An order of precedence clause sets out the order in which the contract documents take precedence in the event of an inconsistency.
The Unfair Contract Terms Act 1977 (c 50) is an Act of Parliament of the United Kingdom which regulates contracts by restricting the operation and legality of some contract terms. It extends to nearly all forms of contract and one of its most important functions is limiting the applicability of disclaimers of liability. The terms extend to both actual contract terms and notices that are seen to constitute a contractual obligation.
Reference:
– Rules of Statutory Interpretation
– CIPS study guide page 43-46
LO 1, AC 1.2

NEW QUESTION # 32
When a contract has been agreed on the basis of a fraudulent misrepresentation, which of the following remedies are available?

  • A. Rescission only
  • B. Both damages and rescission
  • C. Damages only
  • D. An injunction only

Answer: D

Explanation:
An untrue statement of fact or law made by Party A (or its agent) to Party B, which induces Party B to enter a contract with Party A thereby causing Party B loss. An action for misrepresentation can be brought in respect of a misrepresentation of fact or law.
There are three types of misrepresentation:
– Fraudulent misrepresentation: where a false representation has been made knowingly, or without belief in its truth, or recklessly as to its truth.
– Negligent misrepresentation: a representation made carelessly and in breach of duty owed by Party A to Party B to take reasonable care that the representation is accurate. If no “special relationship” exists, there may be a misrepresentation under section 2(1) of the Misrepresentation Act 1967 where a statement is made carelessly or without reasonable grounds for believing its truth.
– Innocent misrepresentation: a representation that is neither fraudulent nor negligent.
The remedies for misrepresentation are rescission and/or damages. For fraudulent and negligent misrepresentation, the claimant may claim rescission and damages. For innocent misrepresentation, the court has a discretion to award damages in lieu of rescission; the court cannot award both (see section 2(2) of the Misrepresentation Act 1967). For more information, see Practice note, Misrepresentation.
Reference:
– Misrepresentation
– CIPS study guide page 55
LO 1, AC 1.2

NEW QUESTION # 33
Company A based in Canada signed a commercial contract with Company B in Egypt. Both countries are Contracting States to Vienna Convention on Contracts for the International Sale of Goods. The contract states that “The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of Canada”. Which of the following set of rules will be applied if dispute between contracting parties occurs?

  • A. Egypt’s legal system
  • B. CISG
  • C. Canada’s legal system
  • D. WTO rules

Answer: C

Explanation:
Where the sale of goods is between two businesses in different Contracting States, then it is international and the CISG rules of law automatically apply unless they have been excluded. A contract clause stating that the contract is subject to the legal systems and courts of a particular country overrides or excludes the CISG rules, since the local rules of that country would apply instead.
So the answer should be Canada’s legal system.
Reference:
LO 1, AC 1.2

NEW QUESTION # 34
……

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