Free PDF Quiz 2023 CIPS L5M3 Useful PDF

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CIPS L5M3 (Managing Contractual Risk) Certification Exam is an essential certification for procurement professionals who are responsible for managing and mitigating risks associated with contractual agreements. Managing Contractual Risk certification provides a comprehensive understanding of the legal and commercial aspects of procurement contracts, enabling professionals to make informed decisions and efficiently manage contractual risks.

CIPS Managing Contractual Risk Sample Questions (Q91-Q96):

NEW QUESTION # 91
When assessing damages caused by a breach, which of the following statements is true?

A. damages attempt to position the innocent party in the position that they would have been in had the contract been performed as expected
B. damages are limited to what is stated within the contract
C. damages attempt to compensate the innocent party for errors made by the offending party
D. damages can be difficult to assess before a breach has occurred and therefore should be decided through conflict resolution

Answer: A

Explanation:
The correct answer is: 'damages attempt to position the innocent party in the position that they would have been had the contract been performed as expected'. This is a quote from p. 121 Option1 is incorrect as unliquidated damages aren't stated in a contract. Option 2 is incorrect because liquidated damages are an assessment of damages before a breach. Option 4 is incorrect because not all breaches are caused by errors (they can be caused by negligence or the offending party withholding something).

NEW QUESTION # 92
Jenny has received a written offer from a supplier. She emails them to clarify if they can do next day delivery. The supplier does not reply. The next day Jenny makes the payment. Has a contract been formed?

A. no- the clarification constitutes a conditional acceptance
B. no- a contract has not been signed
C. yes- a counter offer has been made
D. yes- the supplier made an offer and Jenny accepted it by making a payment

Answer: D

Explanation:
Yes- the supplier made an offer and Jenny accepted it by making a payment is the correct answer. The other three options are incorrect: 'yes- a counter offer has been made' = there is no counter-offer made in this example - a clarification is not a counter-offer / 'no- the clarification constitutes a conditional acceptance' = clarifications are not conditional acceptance / 'no- a contract has not been signed' = there doesn't need to be a signed document- acceptance can be through performance. Issuing the payment would be considered acceptance via performance. See p 2-12 for more information on conditional acceptance, counter offers and acceptance of offers.

NEW QUESTION # 93
Derrek owns a factory and employs a Facilities Management Company called Balls FM to look after certain aspects of the factory including cleaning and testing the machinery to ensure they are in good working condition. One day he realises that one of the cleaners doesn't work for Balls FM, he works for another company called Bells FM. Which of the following statements regarding subcontracting is true?

A. Balls FM have committed a fundamental breach of the contract
B. Subcontracting is never allowed in a contract unless specifically mentioned.
C. Subcontracting would be if Derrek delegated responsibility for managing the contract to a member of his team
D. It is okay for Balls FM to subcontract out part of the contract to Bells FM if they are unable to fulfil their obligations

Answer: D

Explanation:
"It is okay for Balls to subcontract" is the correct answer. This question is testing whether you know that subcontracting can be a remedy in a contract. It is usually okay for a supplier to use a subcontractor if they're unable to fulfil their responsibilities and the alternative would be to breach the contract. This is a difficult question because you don't get a lot of context- it's based on a similar question in the exam- but just remember subcontracting can be a solution if one party can't fulfil their obligations in a contract. This is better than them breaching the contract. See p.89 for more information on subcontracting

NEW QUESTION # 94
Which of the following will you put into box 5?

A. Mediation
B. Negotiation
C. Arbitration
D. Litigation

Answer: B

Explanation:
The correct answers are as follows:

This is negotiation - no third party is mentioned and there is a face-to-face meeting in private

NEW QUESTION # 95
When there has been a major breach in a contract, the contract will be terminated. Is this statement true?

A. yes- the contract will be terminated and damages sought
B. no- the contract can continue if the offending party proves that further breaches won't occur
C. yes- the contract must be terminated as there is no means by which the contract could continue after a major breach
D. no- the contract can be affirmed by the injured party

Answer: D

Explanation:
"no- the contract can be affirmed by the injured party" is the correct answer. When there is a breach in a condition, one of two things can happen; the contract is terminated, or the contract is affirmed. The injured party has the choice of whether or not they want to continue working with the other party and this is called 'affirmirmation of the contract'. The contract doesn't HAVE to be terminated in the case of a major breach so options 1 and 2 are incorrect. Option 4 is also incorrect- the contract can continue even if the offending party says they'll commit further breaches - it's completely up to the injured party whether they want to continue working with them or not. See p. 46 for further details

NEW QUESTION # 96
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