[Q70-Q91] Master 2023 Latest The Questions CIPS Certifications and Pass L4M3 Real Exam!

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Master 2023 Latest The Questions CIPS Certifications and Pass L4M3 Real Exam!

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Q70. When a supplier signs an insurance policy with an insurance company, which of the following is transferred to insurance company?

Right

Risk

Legal responsibility

Contractual obligation

Q71. Which of the following are always considered as minimum preconditions for a contract? Select TWO that apply:

Specification

Promise

Omission

Consideration

Intention to be bound

Q72. MWB operates serviced offices in central London. Rock entered a contractual licence with MWB to occupy office space in Marble Arch and had accumulated licence fees in arrears. The original licence agreement contained a ‘No Oral Modification’ clause that said: ‘All variations to this licence must be agreed, set out in writing and signed on behalf of both parties before they take effect’.
After 6 months, Rock director re-negotiated to extend payment period over phone call and MWB credit controller agreed his proposal. Is this agreement considered as an effective variation to the original licence agreement?

Yes, because parties who agree to altering the original contract orally despite a ‘No Oral.

Modification’ clause, must have intended to dispense with the clause

No, because the mechanism for variation has been set out in the original contract

Yes, because the credit controller had agreed with Rock director’s proposal

No, because Rock director assumed that the variation was effective and convinced credit controller to believe it

Q73. Which of the following is an example of liquidated damages clause?
1. “In the event of a delay to the Offshore Installation Completion Date as per the Contract Schedule for which Contractor is solely responsible, Contractor shall pay to Company 0.25% per day of delay, subject to a maximum of 10% of the Initial Contract Price.”
2. “If Seller breaches its obligation to deliver goods in accordance with the schedule provided for in this contract, Seller shall pay Buyer $x per day for each day of delay”
3. “The Contractor shall defend and hold the Buyer, its officers, officials, employees and volunteers harmless from any and all claims, injuries, damages, losses or suits including attorney fees, arising out of or in connection with the performance of this Agreement, except for injuries and damages caused by the sole negligence of the Buyer.”
4. “The contract is subjected to delay remedies. The amount will be agreed by both parties during the delivery”

2 and 4 only

1 and 3 only

3 and 4 only

1 and 2 only

Q74. Which of the following are the conditions for revocation of offer to be valid?
1. The offeree has not received the offer yet
2. Revocation of offer must be communicated with the offeree
3. Revocation of offer must be sent via email
4. Offeree has not accepted the offer yet

2 and 4 only

1 and 4 only

1 and 3 only

2 and 3 only

Q75. Danielle buys a car from Aaron. Not long after, she receives an proposal from Brian, who is interested in buying the car but his budget is very constraint. Then, Brian decides to sign a hire purchase agreement with Danielle which lasts 4 years. Brian lives very far from Danielle, so he hires Charlie to deliver the car to his place. During the transport, Charlie has an accident and the car is written off. At the time of accident, who has the title of the car?

Charlie

Aaron

Brian

Danielle

Q76. Which of the following are among five ‘pillars’ of information assurance?
1. Recovery plan
2. Availability
3. Non-repudiation
4. Governance

2 and 3 only

1 and 2 only

1 and 4 only

3 and 4 only

Information Assurance (IA)
Information Assurance (IA) is the practice of managing information-related risks and the steps involved to protect information systems such as computer and network systems. The IA transformation is a partnership that stretches across the Department of Defense (DoD), Office of National Intelligence, Committee on National Security Systems, National Institute of Science and Technology (NIST), and the Office of Management and Budget.
The US Government’s definition of information assurance is:
“measures that protect and defend information and information systems by ensuring their availability, integrity, authentication, confidentiality, and non-repudiation. These measures include providing for restoration of information systems by incorporating protection, detection, and reaction capabilities.” Information Assurance (IA) is essentially protecting information systems, and is often associated with the following five pillars:
– Integrity
– Availability
– Authentication
– Confidentiality
– Nonrepudiation
The following pillars can be applied in a variety of ways, depending on the sensitivity of the information, or information systems within your organization. Currently, these five pillars are used at the heart of the US Governments ability to conduct safe and secure operations in a global environment.
1. Integrity
Integrity involves assurance that all information systems are protected and not tampered with. IA aims to maintain integrity through means such as anti-virus software on all computer system, and ensuring all staff with access to know how to appropriately use their systems to minimize malware, or viruses entering information systems.
2. Availability
Availability simply means those who need access to information, are allowed to access it. Information should be available to only those who are aware of the risks associated with information systems.
3. Authentication
Authentication involves ensuring those who have access to information, are who they say they are. Ways of improving authentication involve methods such as two-factor authentication, strong passwords, bio-metrics and other devices. Authentication may also be used to not only identify users, but also other devices.
4. Confidentiality
IA involves the confidentiality of information, meaning only those with authorization may view certain data. This step is closely mirrored by the six data processing principles of the General Data Protection Regulation (GDPR), where by personal data must be processed in a secure manner “using appropriate technical and organizational measures” (“integrity and confidentiality”).
5. Nonrepudiation
The final pillar simply means someone with access to your organizations information system cannot deny having completed an action within the system, as there should be methods in place to prove that they did make said action.
Reference:
– What is Information Assurance (IA)?
– CIPS study guide page 99-100
LO 2, AC 2.1

Q77. Which of the following is a true statement on express and implied terms?

Express terms always take precedent over implied terms

Implied terms may derive from oral negotiations

Express terms must always be in writing

Express terms must be prepared by the party with expert knowledge

Q78. Which of the following indicates the ratio between profit and costs?

Gearing

Margin

Mark-up

Liquidity

Q79. 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?

Date of publication

Supplier selection

Type of specification

Legality

Q80. Which of the following are likely to be advantages of using invitation to tender? Select TWO that apply:

Short turnaround times

Quick implementation

Driving forward planning culture

Lower administration costs

Reducing risks of bribery and corruption

Advantages of using invitation to tender may be as below:
No Nepotism: Tenders or bids are evaluated on the basis of certain predetermined criteria, such as price, quality and value for money. In other words, the firm offering the highest quality product or service at the lowest price point would win the contract. As most tender documents are opened and evaluated in a public process, I think that there remains little room for nepotism or favoritism of any kind.
Value for Money: From the perspective of the client, tenders offer the greatest value for the amount of money spent. This is due to the fact that the client can choose from a wide pool of potential suppliers to select the ones that can produce the highest quality product or service at the lowest price point. This allows the company, establishment or organization to save money without having to compromise on quality. Therefore, despite being quite time consuming, tendering is, in my opinion, a profitable long-term process from an organization’s point of view.
Encourages Competition: The process of tendering helps promote a competitive market. This is because a number of potential contractors, firms or suppliers get a chance to bid for every project. And because selection depends on quality and price, every bidder tries to reduce operational inefficiencies and redundancies as much as possible in order to lower expenses and improve quality. This entire process encourages healthy competition in the market and prevents complacency and laziness, which in turn provides a boost to innovation and new ideas.
Easier Entry: The system of tendering makes it easier and simpler for new firms to enter the market or even a particular industry. This is due to the fact that contracts under this system are awarded on the basis of predetermined, objective criteria. As a result, even a firm that is a new entrant to the market, having no connections or contacts in the industry, can win a prestigious and lucrative contract by providing the highest value for the client’s money. This process therefore helps new firms to quickly get a foothold in the market or industry, thus significantly lowering the traditional barriers to entry.
Reference:
– Characteristics and Benefits of the Tendering Process
– CIPS study guide page 6-8
LO 1, AC 1.1

Q81. Streaming Ltd is a music streaming provider based in the UK. The company is looking for extending its presence in the US. To achieve this, the company needs to outsource the data centre service to a local company. To monitor the performance, the procurement manager would like to introduce a service level agreement (SLA) to the data centre service provider. Which of the following should be included in the SLA?
1. System availability
2. The mean time to recover from system failure
3. The actual number of on-time service delivery
4. Dispute resolution procedure

1, 3 and 4 only

1, 2 and 4 only

1, 2 and 3 only

2, 3 and 4 only

Q82. If service level agreement is used as a schedule that makes up the contract, it will be most likely to be a part of…?

Pricing arrangement

Performance management framework

Exclusion of liabilities

Specifications

Q83. Which of the following statement is true about one-off contract?

Suppliers have many opportunities to improve the quality during the performance of one-off contract

One-off contracts can be used for services and works

Ad-hoc purchase is not a type of one-off purchase

One-off contracts only apply to low-value, low-risk purchase

Q84. In a contract, both buyer and supplier agreed the lead time is 3 days. The contract also requires that any variation must be made in writing. Then the buyer places an order by phone call and requests delivery the next day, but the supplier delivers on the third day since the order. Can buyer refuse to pay as supplier did not deliver per time?

No, the supplier delivers within a reasonable time

Yes, late delivery is a force majeure event

Yes, the supplier has breached the contract

No, supplier has shortened lead time to 1 day

Q85. Under English law’s general legal principles of contract formation, which of the following are likely to be offers? Select TWO that apply.

Invitation to tender

Quotation

Purchase order

Catalogue

Q86. Rochdale Ltd is looking for a new IT system to automate some of its operations. In designing the specification, procurement manager supposes that it should be done solely by the IT department who have deep expertise on this matter. Is procurement manager’s opinion appropriate?

No, because challenging the user’s demand is the role of procurement

Yes, because designing complex specification would waste procurement manager’s time

Yes, because procurement professional has no expertise in IT sector

No, because designing complex specification could only be outsourced

Q87. Which of the following statements is true about model form of contract?

When model contracts are employed, there are no requirements for legal advice and input

Model contract form’s standard clauses often contain correct legal terminology without recourse to third party experts.

The standard clauses of model contract forms give the offeror legal advantages over the offeree

Only the publishers of model forms of contract can edit the clauses of these forms

Q88. Which of the following are key features of standard terms and conditions? Select TWO that apply

Standard terms always comply with implied terms

Specific to each purchase order

Non-disclosure

Non-negotiable

Designed to be used in repetitive transactions

Q89. Which of the following is the best definition of “ultra vires”?

Beyond powers

In good faith

From one party

Let the buyer beware

Q90. Which of the following contracts would be best suited to a ‘variable pricing’ arrangement?

A contract for window cleaning during the next three months

A contract for road building estimated to take five years to complete

A contract for the supply of 100 printing machines to be delivered next month

A contract for the supply of lubricating oil for immediate delivery

Q91. A procurement professional is drafting payment terms for a commercial contract. He is considering about payment method if defective products are found. Which of the following should be embedded in payment terms to control this issue?

Remedies for late payment

Pay-less notice

Invoice preparation

Retention clause

CIPS L4M3 Exam Syllabus Topics:

Topic	Details
Topic 1	Analyse contractual terms for contracts that arecreated with external organisations The Vienna Convention on the International Sales of Goods
Topic 2	Recognise types of pricing arrangements incommercial agreements The battle of the forms and precedence of contract terms
Topic 3	Risks presented by contracting on suppliers terms or through oral contracts Analyse the content of specifications for procurements
Topic 4	Defining contractual performance measures or key performance indicators (KPI) Understand the key clauses that are included informal contracts
Topic 5	Terms that apply to labour standards and ethical sourcing Including social and environmental criteria inspecifications
Topic 6	Drafting specifications and developing marketdialogue with suppliers Understand the legal issues that relate to the formation of contracts
Topic 7	Appraise examples of key performance indicators (KPIs) in contractual agreements Analyse the legal issues that relate to the creation of commercial agreements with customers or suppliers

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[Q70-Q91] Master 2023 Latest The Questions CIPS Certifications and Pass L4M3 Real Exam!

CIPS L4M3 Exam Syllabus Topics:

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