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2023 CIPS Latest L5M3: Managing Contractual Risk Valid Exam Notes
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NEW QUESTION 32
ABC has a contract with its supplier DEF who delivers pasta to ABC's manufacturing plant. DEF has committed a breach and conflict resolution has taken place. The Court has awarded ABC 'specific performance' damages. What could this involve?
- A. DEF must pay an amount of money as determined by the courts
- B. DEF must rescind the contract
- C. DEF must deliver the pasta required by ABC
- D. DEF must pay money to ABC as stated in the liquidated damages clause
Answer: C
Explanation:
DEF must deliver the pasta required by ABC is the correct answer. Specific performance is when the innocent party is rewarded by receiving what was initially negotiated - in this case the delivery of pasta. It's basically a posh way of saying that the court mandates you to do what the contract says. See p. 129 for information on Specific Performance.
NEW QUESTION 33
Which of the following situations would be considered a minor breach of a contract? Select TWO:
- A. a consultant has given bad advice
- B. a supplier has breached a non-disclosure agreement
- C. a painter is contracted to paint a room white but paints it magnolia as there was no white paint available
- D. a zoo orders three baby lions and is given three baby tigers
- E. A supplier delivers a lorry-load of produce six hours late due to a burst tyre.
Answer: B,C
Explanation:
The correct answers are: 1) the painter using magnolia instead of white, and 5) the supplier who was late on his delivery. These are considered minor breaches because the contract was still fulfilled and it didn't affect the contract in any significant way. In this type of question you have to use logic to deduce the right answer; 2) A consultant giving bad advice would be a major breach - it would be a huge issue, particularly if that advice led to an accident or death. Think about an Architect advising on a type of pillar, and it turns out that pillar can't support the weight of the building. That would be bad. 3) Lions and Tigers are not the same thing - so that would be a pretty fundamental mistake in a contract. 4) Breaching a non-disclosure agreement is usually considered a major breach of a contract (this is mentioned in chapter 2.1). See p. 48 for more information on minor breaches.
NEW QUESTION 34
If an innocent party wishes to terminate a contract due to a breach, which of the following is true?
- A. all obligations of the offending party are excused and discharged
- B. only future obligations of the parties are excused and discharged
- C. all obligations of the innocent party are excused and discharged
- D. only past obligations of the parties are excused and discharged
Answer: B
Explanation:
The correct answer is "only future obligations of the parties are excused and discharged" - all cur-rent and past obligations need to be fulfilled, or remedied (e.g. through liquidated damages). When an innocent party terminates a contract, they are still obliged to fulfil their own obligations. P.47
NEW QUESTION 35
Which of the following will you put into box 7?
- A. Mediation
- B. Arbitration
- C. Litigation
- D. Negotiation
Answer: B
Explanation:
The correct answers are as follows:
Arbitration - this is a binding resolution made by a third party. This answer could be litigation, but that option has been taken by box 6 and you can only use the answers once. Mediation would not be a binding resolution and negotiation doesn't involve a third party.
NEW QUESTION 36
Which of the following would be included in a contract to assign costs and responsibilities be-tween buyer and seller when products are delivered?
- A. Incoterms
- B. Liquidated Damages
- C. Liability
- D. Indemnity
Answer: A
Explanation:
Incoterms assign costs and responsibilities about when products are delivered. See p. 37 for a full list of the different Incoterms. You don't need to know all Incoterms for the exam, but it's a good idea to know what they are and why they'd be put into a contract
NEW QUESTION 37
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