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In this module, candidates will learn about the different types of contractual risk and how to identify them. They will also learn about the legal framework governing contracts, including contract formation and termination, and how to manage contractual disputes.

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The CIPS L5M3 exam is ideal for procurement professionals who are responsible for managing contracts or who are looking to develop their skills in this area. It is also suitable for individuals who are looking to progress their careers in procurement and supply chain management.

CIPS Managing Contractual Risk Sample Questions (Q44-Q49):

NEW QUESTION # 44
Which of the following will you put into box 6?

A. Innominate Term
B. Warranty
C. Condition

Answer: A

Explanation:
The correct answers are as follows:

This is a warranty as it is a minor term. If the invoices aren't processed in 30 days this isn't a major breach- the supplier has said they'd be okay with it.

NEW QUESTION # 45
Which of the following would be included in a contract to assign costs and responsibilities be-tween buyer and seller when products are delivered?

A. Incoterms
B. Liquidated Damages
C. Indemnity
D. Liability

Answer: A

Explanation:
Incoterms assign costs and responsibilities about when products are delivered. See p. 37 for a full list of the different Incoterms. You don't need to know all Incoterms for the exam, but it's a good idea to know what they are and why they'd be put into a contract

NEW QUESTION # 46
Which of these statements about Guarantees are TRUE? Select 2

A. A guarantor's responsibility is higher than the Principle
B. A guarantee is a promise to repair or replace an item within a defined period of time
C. A guarantor's responsibility cannot be higher than the Principle
D. A Guarantee is a secondary obligation of a contract

Answer: C,D

Explanation:
"A Guarantee is a secondary obligation of a contract' and 'A guarantor's responsibility cannot be higher than the Principle' are the correct answers. Guarantees are explained on p.28. Be careful not to confuse this with Warranty. A promise to repair or replace an item within a defined period of time is the definition of a warranty. That was put in there to trick you. Sorry. Remember a Guaran-tee is to do something when the Principle of the contract fails to do it. It's most common in leasing agreements- if you're a young person, you'll often need a responsible adult / parent to sign the lease as your Guarantor. As a Guarantor, they promise to pay the rent if you're unable to. Legally they can't be asked to do any more than you are assigned to do in the contract. So if your rent is £500 a month, that's all they can be asked to pay if you don't pay it. The primary obligation is between you and the landlord. The secondary obligation is between the guarantor and you.

NEW QUESTION # 47
What is the purpose of conflict resolution?

A. to create a binding solution to an issue
B. to agree on a way forward
C. to ensure all parties are happy with the outcome
D. to punish the party who breaks the contract

Answer: B

Explanation:
The purpose is 'to agree a way forward'. This is a direct quote from p.61. The other answers are incorrect- conflict resolution isn't always binding and sometimes not all parties are happy with the outcome. It certainly isn't about punishing about anyone (this is a common red herring option given in the exam)

NEW QUESTION # 48
Which of the following would constitute an offer? Select TWO:

A. a bid on an auction
B. a display in a shop window
C. an advert on a website
D. a price proposal that is valid for 14 days
E. an auction

Answer: A,D

Explanation:
Offers include bids on an auction and a price proposal that is valid for 14 days. The other three options are Invitations to Treat. See p.3 for the full list of what constitutes an Invitation to Treat. The tricky thing here is that an auction is an invitation to treat but a bid on an auction is an offer. An auction is an ITT because you're encouraging people to make an offer to you. A bid on the auction is the offer (you offer to buy something at a price you propose).

NEW QUESTION # 49
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