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CIPS L5M3 Exam Dumps Questions and Answers

Exam Code: L5M3
Vendor: CIPS
Last Update: May 5, 2024
Questions: 120
10  Customers Passed CIPS L5M3
89%  Average Success In Real Exam
89%  Questions came word by word from this dump
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Managing Contractual Risk Questions and Answers

Questions 1

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?

Options:

A.

a condition of the contract

B.

a warranty

C.

an innominate term

D.

a time is of the essence clause

Questions 2

When drafting a liability clause in a contract, which of the following statements are TRUE? Select THREE

Options:

A.

exclusions should be narrowly defined and clearly state which types of liabilities are excluded

B.

the goal of the liability clause is to punish the contractor for poor performance

C.

liability is a legal responsibility

D.

liability can only be limited where there is valid insurance

E.

liability cannot be excluded for injury resulting from negligence

Questions 3

An exchange of written documents between a buyer and supplier, each detailing their own Terms and Conditions is known as the Battle of the Forms. Who generally wins the Battle?

Options:

A.

The party who issued the first document

B.

The party who issued the last document

C.

The party with the greatest liability

D.

The party who commits a breach