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Guide for L5M3: CIPS Managing Contractual Risk

Quiz L5M3: CIPS Managing Contractual Risk

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/ 10

Quiz

1/10
Which of the following would constitute an offer? Select TWO:
Select the answer
2 correct answers
A.
a display in a shop window
B.
an advert on a website
C.
an auction
D.
a bid on an auction
E.
a price proposal that is valid for 14 days

Quiz

2/10
Which of the following would not be considered acceptance of a contract term?
Select the answer
1 correct answer
A.
silence
B.
accepting a delivery of a product into the factory
C.
an invoice
D.
a handshake

Quiz

3/10
David is selling his house and Barbera would like to buy it. David is expecting to get £100,000 for his




house. Barbera offers £80,000 and David asks Barbera if she'll pay £90,000 instead. Barbera says no.
After a week David hasn't had any other offers so would like to accept Bar-bera's offer. Can he do
this?
Select the answer
1 correct answer
A.
yes- Barbera's offer is still valid as it didn't come with a time clause attached
B.
yes- Barbera's offer is the best he will receive
C.
no - David's counter offer rescinded Barbera's offer
D.
no- he waited too long and Barbera's offer has expired

Quiz

4/10
A large financial organisation ensures that they have contracts with all of their suppliers. In which
instance would indemnity not necessarily form part of the contract?
Select the answer
1 correct answer
A.
A Deed of Appointment of a Consultant
B.
In assignment of intellectual property rights
C.
A software licence agreement
D.
A confidentiality agreement

Quiz

5/10
Molly is a wedding planner who has just set up as a sole-trader. She has a meeting with a po-tential
couple to organise their wedding. The couple is extremely risk adverse and have asked Molly to
email them a copy of her insurances. Which insurances should Molly send? Select TWO
Select the answer
2 correct answers
A.
Products Liability Insurance
B.
Employers Liability Insurance
C.
Professional Indemnity Insurance
D.
Public Liability Insurance

Quiz

6/10
An agreement in which an organisation is not accountable for any damages that occur during a
contract is known as what?
Select the answer
1 correct answer
A.
limited liability
B.
liquidated damages
C.
hold harmless agreement
D.
waiver of subrogation

Quiz

7/10
Which of these statements about Guarantees are TRUE? Select 2
Select the answer
2 correct answers
A.
A Guarantee is a secondary obligation of a contract
B.
A guarantor's responsibility is higher than the Principle
C.
A guarantee is a promise to repair or replace an item within a defined period of time
D.
A guarantor's responsibility cannot be higher than the Principle

Quiz

8/10
Tutu Incorporated has a contract with a software company to provide their IT software. They want to
ensure that the supplier pays compensation if there are any issues with service (e.g. the software
doesn't work for a day). Which two items would Tutu Incorporated need to include in the contract?
Select the answer
2 correct answers
A.
unliquidated damages
B.
letter of credit
C.
service level agreement
D.
service credit
E.
insurance

Quiz

9/10
Fruity McFruitFace is an exporter of fruit. Which of the following payment terms would be most
advantageous for it?
Select the answer
1 correct answer
A.
open account
B.
documentary collection
C.
documentary credits
D.
advance payment

Quiz

10/10
A contract term which is difficult to classify at the time of drafting a contract is known as?
Select the answer
1 correct answer
A.
condition
B.
warranty
C.
consideration
D.
innominate
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Info quiz:

  • Quiz name:L5M3: CIPS Managing Contractual Risk
  • Total number of questions:120
  • Number of questions for the test:50
  • Pass score:80%

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