L4M3 VALID TEST OBJECTIVES, VALID L4M3 EXAM SIMS

L4M3 Valid Test Objectives, Valid L4M3 Exam Sims

L4M3 Valid Test Objectives, Valid L4M3 Exam Sims

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Tags: L4M3 Valid Test Objectives, Valid L4M3 Exam Sims, Latest L4M3 Cram Materials, New L4M3 Real Test, L4M3 Test Pass4sure

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CIPS Commercial Contracting Sample Questions (Q140-Q145):

NEW QUESTION # 140
Which of the following is the international standard for labelling hazardous substances?

  • A. HSE
  • B. GHS
  • C. CODEX STAN 1-1985
  • D. GPS

Answer: B

Explanation:
GHS stands for the Globally Harmonized System of Classification and Labelling of Chemicals. GHS defines and classifies the hazards of chemical products, and communicates health and safety information on labels and safety data sheets). The goal is that the same set of rules for classifying hazards, and the same format and content for labels and safety data sheets (SDS) will be adopted and used around the world. An international team of hazard communication experts developed GHS.
The Global Positioning System (GPS), originally NAVSTAR GPS, is a satellite-based radionavigation system owned by the United States government and operated by the United States Space Force. It is one of the global navigation satellite systems (GNSS) that provides geolocationand time information to a GPS receiver anywhere on or near the Earth where there is an unobstructed line of sight to four or more GPS satellites.
Obstacles such as mountains and buildings block the relatively weak GPS signals.
CODEX STAN 1-1985 is general standard for the labelling of packaged goods.
Environment (E), health (H) and safety (S) (together EHS) is a discipline and specialty that studies and implements practical aspects of environmental protection and safety at work. In simple terms it is what organizations must do to make sure that their activities do not cause harm to anyone.
Reference: CIPS study guide page 95
LO 2, AC 2.1


NEW QUESTION # 141
A construction company is undertaking a housing development project. They need lots of bricks and other building materials, but the construction site doesn't have large area for storage of materials. Therefore, the company's suppliers must deliver the building materials with fixed quantity and at fixed time intervals. What type of contract is used between the construction company and its suppliers?

  • A. One off contract
  • B. Spot transaction
  • C. Framework agreement
  • D. Call off contract

Answer: D

Explanation:
In the scenario, the contract between the company and its suppliers is continuous rather than one-off. So it cannot be one-off contract or spot purchase. The quantity and time is well known and fixed, this type of contract is known as call-off contract or blanket order.
Reference:
LO 1, AC 1.3


NEW QUESTION # 142
Ellie is a junior buyer and her supplier asks her to use their contract terms for an order. Which of the following are clauses that may be included in the supplier contract that could pose a risk to Ellie's business?
Select TWO that apply.

  • A. If the contract includes exclusion clauses
  • B. If the contract includes a price escalation clause
  • C. If the contract lists the full specification
  • D. If the contract includes supplier contact details
  • E. If the contract includes a cash discount for early payment

Answer: A,B,C

Explanation:
Price escalation clauses allow suppliers to raise prices during the contract term, potentially undermining budget control. Exclusion clauses limit or remove the supplier's liability, which could leave the buyer unprotected in case of breach or defects. These clauses present clear risks and require careful review or negotiation.
Reference:CIPS L4M3 Commercial Contracting Study Guide, Chapter 3, Section 3.1.3 - Risk in supplier- drafted contracts.


NEW QUESTION # 143
Under English law's general legal principles of contract formation, which of the following are likely to be offers? Select TWO that apply.

  • A. Advertisement
  • B. Quotation
  • C. Invitation to tender
  • D. Catalogue
  • E. Purchase order

Answer: B

Explanation:
An offer is a full statement of what the offeror is willing to provide and the terms by which they are willing to provide it.
There are some statements that are not offers:
- Invitation to treat: this states that a person or organisation is willing to enter into discussions about the possibility of a deal, but does not confirm a willingness to be bound by any terms mentioned. Catalogues, goods on display and ITTs are invitation to treat.
Civil law countries may have different perspective on this matter. Article 2:201 (3) of The Principles of European Contract Law states: 'A proposal to supply goods or services at stated prices made by a professional supplier in a public advertisement or a catalogue, or by a display of goods, is presumed to be an offer to sell or supply at that price until the stock of goods, or the supplier's capacity to supply the service, is exhausted.' Learners are advised to look at their countries' legislation for more information on offer and acceptance.
- Declaration of intention: this is defined as an aim or a plan.
- A 'mere puff' (or boast): this is anything which is not intended to be taken literally or seriously, such as many advertisement.
- Provision of information: merely provides information, but provider does not confirm willingness to be bound.
Reference:
LO 1, AC 1.2


NEW QUESTION # 144
Which of the following are likely to be advantages of using request for quotation? Select TWO that apply:

  • A. Lower administration costs
  • B. Helping the buying organisation assess both price and quality
  • C. Encouraging suppliers to submit creative solutions
  • D. No specification required
  • E. Short turnaround times

Answer: A,E

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 # 145
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