CIPS certification L5M3 exam training materials

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CIPS Managing Contractual Risk Sample Questions (Q60-Q65):

NEW QUESTION # 60
Terry's Toys is a Toy Manufacturer who has an agreement to provide Toys to an online re-tailer. The retailer has ordered 500 toys from Terry and Terry has incurred costs of £3000 manufacturing the toys. Halfway through production the retailer calls Terry to cancel the order. Terry reads through the contract and sees a liquidated damages clause of £1000. What should Terry do?

A. Terry can sue the retailer for the additional costs incurred above the liquidated damages
B. Terry can do nothing and must pay the additional £2000 out of his own pocket
C. Terry can deliver the toys as agreed as there is a contract in place
D. Terry can apply to the court to increase the liquidated damages to £3000

Answer: B

Explanation:
The correct answer is 4- Terry can do nothing and must pay the additional £2000 out of his own pocket. Liquidated damages are a pre-estimate of loss - they can't be changed by a court and you can't demand the buyer pays any higher than this if you actually lose more than is stated. This is one of the major disadvantages of having liquidated damages. Option 3 is a bad idea- the retailer has communicated that they do not want the toys so Terry is likely to only incur additional costs if he continues manufacturing them and delivers them. See p.106. There are lots of questions like this in the exam. Remember to think what the study guide would say- rather than what would happen in real life. Don't over complicate things.

NEW QUESTION # 61
GoGo Ltd has contracted Reny Manufacturing to produce a bespoke piece of equipment for them. It is an asset and costs a significant amount of money. A contract is drawn up which states that GoGo Ltd has the right to terminate the contract at any time for any reason. Halfway through production of the asset, GoGo Ltd calls Reny Manufacturing to cancel the order. Reny Manufacturing has incurred many costs already. Can GoGo Ltd cancel the order?

A. yes- there is a termination clause in the contract
B. yes- the order has not yet been delivered meaning that GoGo Ltd can cancel- there has been no transfer of ownership
C. no- Reny Manufacturing will sue for damages
D. no- the termination clause is unfair

Answer: A

Explanation:
The correct answer is 3 - 'yes there is a termination clause in the contract'. In this scenario it would be immoral for GoGo Ltd to cancel, but it wouldn't be illegal. They have the right to use the clause that's been put into the contract. It's possible that Reny might sue for damages, but this doesn't prevent GoGo Ltd from cancelling the order (they might be okay with paying the damages). There is a very similar question to this in the exam. Termination clauses are discussed on p.134 - I recommend brushing up on this topic before the exam.

NEW QUESTION # 62
Which of the following will you put into box 2?

A. anticipatory breach
B. payment terms
C. fundamental breach
D. specification

Answer: B

Explanation:
The correct answers are as follows:

This is payment terms- the clues here are 'financial' and 'progress payments'

NEW QUESTION # 63
ABC has a contract with its supplier DEF who delivers pasta to ABC's manufacturing plant. DEF has committed a breach and conflict resolution has taken place. The Court has awarded ABC 'specific performance' damages. What could this involve?

A. DEF must rescind the contract
B. DEF must deliver the pasta required by ABC
C. DEF must pay an amount of money as determined by the courts
D. DEF must pay money to ABC as stated in the liquidated damages clause

Answer: B

Explanation:
DEF must deliver the pasta required by ABC is the correct answer. Specific performance is when the innocent party is rewarded by receiving what was initially negotiated - in this case the delivery of pasta. It's basically a posh way of saying that the court mandates you to do what the contract says. See p. 129 for information on Specific Performance.

NEW QUESTION # 64
Fishfingers Ltd has a contract with a supplier of cod. When the contract was set up it was not known how important specific delivery times would be for the arrival of the fish. After several months it has now become apparent that delivering the fish within 3 hours of them being caught is fundamental to the contract as delayed delivery results in poorer quality Fish Fingers. When the contract was set up what was the delivery times?

A. a warranty
B. a condition of the contract
C. an innominate term
D. a time is of the essence clause

Answer: C

Explanation:
An Innominate Term is the correct answer. At the time the contract was written, we didn't know how important the delivery time was - therefore it wasn't a condition or a warranty- it was an innominate term. An innominate term is a term that is difficult to classify at the time of drafting a contract. A time is of the essence clause would be a good thing to include in this contract now that we know how important the delivery times are. For more information on Conditions, Warranties and Innominate Terms see p. 43

NEW QUESTION # 65
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