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2025 The Best CIPS L4M3: CIPS Commercial Contracting Valid Test Braindumps

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The web-based L4M3 mock test is compatible with Chrome, Firefox, Internet Explorer, MS Edge, Opera, Safari, and others. This version of the CIPS L4M3 practice exam requires an active internet connection. It does not require any additional plugins or software installation to operate. Furthermore, Android, iOS, Windows, Mac, and Linux support the CIPS L4M3 web-based practice exam. Features of the EXAM CODE desktop practice exam software are web-based as well.

CIPS L4M3 (CIPS Commercial Contracting) Exam is a globally recognized qualification that is offered by the Chartered Institute of Procurement and Supply (CIPS). L4M3 exam is designed for individuals who are already working in the procurement and supply chain field and are looking to enhance their knowledge and skills in commercial contracting. Candidates who pass the exam are eligible to obtain a CIPS Level 4 Professional Diploma in Procurement and Supply.

CIPS Commercial Contracting Sample Questions (Q49-Q54):

NEW QUESTION # 49
Which of the following is the best definition of "ultra vires"?

A. Let the buyer beware
B. Beyond powers
C. In good faith
D. From one party

Answer: B

Explanation:
Ultra vires is a Latin phrase, meaning "beyond the powers." Describes actions taken by government bodies or corporations that exceed the scope of power given to them by laws or corporate charters. When referring to the acts of government bodies (e.g., legislatures), a constitution is most often the measuring stick of the proper scope of power.
Reference:
LO 1, AC 1.2

NEW QUESTION # 50
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 be prepared by the party with expert knowledge
C. Implied terms may derive from oral negotiations
D. Express terms must always be in writing

Answer: C

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 # 51
Sally places a purchase order to the supplier for some components that her company requires. The supplier delivers the goods as she asks, but the quality assurance team finds that these components are defective and unfit for the company's operations. Which document is the ground to decide whether the goods received are fit for purpose?

A. Pre-qualification questionnaire
B. Code of conduct
C. Specification
D. CSR policies

Answer: C

Explanation:
According to USLegal Inc, fitness for purpose refers to the standard that must be met by a seller in the course of a business. Generally, when a buyer makes known to a seller the particular purpose for which the goods are bought, there is an implied condition that the goods are reasonably fit for that purpose (customer's requirements, needs, or desires). Specification is the ground for deciding whether goods received are fit for purpose.
We already know that there are two types of specifications: conformance and performance specifications. With conformance specification, the buyer lists out technical requirements to which the goods must conform. Lacking of any requirement may be enough for the goods to be unfit. On the other hand, if performance specification is in use, the goods must be fit for specific outputs that buyer has listed in the specification.
Providing the 'fit for purpose' goods is one of the fundamental obligations of seller in sale contract. Unfulfilling this obligation would lead to legal consequences. If the goods are unfit for purpose, seller may have to:
- replace the non-conforming goods
- pay the damages to the buyer
Reference:
- Why you should keep attention to the specification when contracting with suppliers
- CIPS study guide page 137
LO 3, AC 3.1

NEW QUESTION # 52
A buyer and a supplier plan to sign a contract with cost-plus arrangement. If the cost base is $350 and the markup component is 11% then the invoice price will be...

A. 388.5
B. 393.26
C. 368.5
D. 0

Answer: A

Explanation:
Markup is the percentage between the profit and costs. The cost is $350, markup is 11%. So final price is: 350 + 350x0.11 = 388.5 Reference:
LO 3, AC 3.3

NEW QUESTION # 53
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. Lower administration costs
D. No specification required
E. Encouraging suppliers to submit creative solutions

Answer: A,C

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 # 54
......

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