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CIPS L4M3: CIPS Commercial Contracting exam is a computer-based exam that consists of 60 multiple-choice questions. Candidates have two hours to complete the exam. The pass mark for L4M3 Exam is 50%, and it is graded on a scale of 0-100%.

One of the key areas that the CIPS L4M3 exam covers is contract formation. This includes the various types of contracts that can be used, as well as the different stages of the contract formation process. Procurement professionals will learn how to develop a contract strategy, draft a contract, negotiate terms and conditions, and finalize the agreement.

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CIPS Commercial Contracting Sample Questions (Q85-Q90):

NEW QUESTION # 85
Under English law's general legal principles of contract formation, which of the following are likely to be offers? Select TWO that apply.

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

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: CIPS study guide page 29-30
LO 1, AC 1.2

NEW QUESTION # 86
What does quantum meruit mean?

A. An implied promise
B. A non-graduations promise
C. As much as is earned
D. As much as is paid

Answer: C

Explanation:
Quantum meruit means "the amount he deserves" or "as much as he has earned". In most cases it denotes a claim for a reasonable sum in respect of services or goods supplied to the defendant.
An action in quantum meruit is available to recover money for services or goods supplied to a defendant in circumstances where the claimant is not recompensed by performing his obligations or supplying the goods. The claimant must usually show that the defendant expressly or impliedly requested or freely accepted the services or goods in question. Depending on the facts, the claimant might find it difficult to prove how much the claimant is entitled to receive under the principle of quantum meruit.
A claim for quantum meruit cannot arise if the parties have a contract to pay an agreed sum. In such circumstances, the parties' relationship is governed by the law of contract. However, a claim for quantum meruit may arise where the parties:
- Have not agreed a contract, or there is a so-called quasi-contract. For example, the parties may have agreed some of the contractual terms, but may have failed to reach an agreement on an essential term, such as price.
- Have not fixed a price for the services or goods supplied.
- Have an agreement to pay a reasonable sum for the services or goods supplied.
- Have agreed a scope of work under the original contract and the work carried out falls outside that scope.
Reference:
LO 3, AC 3.1

NEW QUESTION # 87
Consequences and actions that arise from certain KPI scores must be...? Select TWO that apply.

A. Mutually agreed
B. Unilaterally imposed by the purchaser
C. Deliberately omitted
D. Terminated
E. Documented

Answer: A,E

Explanation:
Supplier performance management and monitoring is a fundamental part of contract management. It starts with setting KPIs, targets and consequences or actions that arise from KPI scores. The measures, objectives and targets used in the monitoring of the supplier's performance must reflect those that were agreed when the contract was let. That is why it is important to specify a commitment to continuous improvement at the outset. It would be unfair to the supplier to suddenly introduce a range of measures after the contract had begun - however if such an introduction mid-term through the contract is unavoidable then it should be negotiated and agreed in a professional manner and not merely imposed on the supplier.
In conclusion, the details of how KPIs will be monitored and the actions or consequences resulting from scores achieved must be documented and agreed between the parties. This details may be embedded in the specification or the main body of the contract or it may be set out in a SLA.
Reference:
- Performance Monitoring of Suppliers - CIPS Knowledge summary
- CIPS study guide page 101-109
LO 2, AC 2.2

NEW QUESTION # 88
A fashion company is drafting a specification for an order in next year. The company wants to expand its supply base in low cost countries. The procurement department is considering applying standard ISO 3759 on method for the preparation, marking and measuring of textile fabrics, garments and fabric assemblies for use in tests for assessing dimensional change after a specified treatment. Which of the following should be taken into account when embedding this standard into the specification?

A. Type of specification
B. Supplier selection
C. Legality
D. Date of publication

Answer: D

Explanation:
Standards are incorporated into specifications by simply cross-refering to the relevant standard by its number and date of publication. It is important to include the date of publication. All standardsare reviewed from time to time and their content changes. The absence of the publication date will lead to disrupts over which version of the standard actually applies to the contract.
Reference: CIPS study guide page 85-89
LO 2, AC 2.1

NEW QUESTION # 89
Which of the following are implied terms in sales contracts? Select THREE that apply.

A. Risk transfer
B. Fitness for purpose
C. Payment method
D. Customer satisfaction
E. Transfer of ownership
F. Mode of transportation

Answer: A,B,E

Explanation:
Generally, under the Sale of Goods Acts (in UK, Singapore, Australia,...) or Commercial Codes (in France, Germany, Vietnam,...), the sale contracts have the following implied terms:
- the seller has the right to sell the goods. This is also a condition of the contract
- the goods are free from undisclosed security interests
- the goods supplied under the contract will be reasonably fit for any purpose which the buyer made known to the seller
- sales of unseen goods will be of merchantable quality, and match their description and conform with a sample.
- Passing of risk
- Passing of possession and title
...
Reference:
LO 3, AC 3.1

NEW QUESTION # 90
......

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