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L4M3 Exam Dumps - Commercial Contracting

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Question # 41

A tire manufacturer entered into a contract with a distributor. In the contract, the distributor is prohibited from selling the tire under the price list. The distributor must pay $5 for each tire sold in breach. The amount of $5 is known as...?

A.

Penalty

B.

Quantum meruit

C.

Liquidated damages

D.

Caveat Emptor

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Question # 42

Which of the following are among five 'pillars' of information assurance?

1. Recovery plan

2. Availability

3. Non-repudiation

4. Governance

A.

2 and 3 only

B.

1 and 2 only

C.

1 and 4 only

D.

3 and 4 only

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Question # 43

A buyer is in the process of supporting colleagues internally in the drafting of a specification for a new product. They have limited personal knowledge of the product and of the market. They are at the very early stages of drafting the specification and are seeking to increase their knowledge, whilst at the same time, keeping their likely future needs a commercial secret at this stage. Which of the following would be the best method of achieving this?

A.

Issue a formal request for information

B.

General networking at relevant trade events

C.

Interview staff from finance

D.

Advertising on a relevant online forum

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Question # 44

Since services are intangible, so KPIs for services must be qualitative in all circumstances. Is this statement correct?

A.

No, KPIs for services must always be quantitative so that they can be measured easily

B.

No, some KPIs for services are measurable by means of outcome, time and space performed

C.

Yes, quantitative KPIs are limited to timeliness of supply of goods, defective rates and in-full quantities, which are applied to monitor supplier of physical goods

D.

Yes, the only measure mattered to supply of services is end-users' satisfaction

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Question # 45

Which of the following is the model form of contract for construction which is recommended by World Bank?

A.

ITC

B.

JCT

C.

CIPS

D.

FIDIC

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Question # 46

Which of the following is always automatically considered as a contract?

A.

Call-off

B.

Framework arrangement

C.

Performance management framework

D.

Framework agreement

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Question # 47

Which of the following are always included within a framework agreement? Select TWO that apply:

A.

Exact quantity to be purchased

B.

Call-off procedure

C.

Exact price to be paid

D.

Duration

E.

Insurance

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Question # 48

As part of a tender, which of the following are advantages that a purchasing organisation would expect to achieve by specifying that suppliers hold certification to an international environmental management standard, such as ISO 14001?

It provides assurance that bidders have achieved a common standard of practice

It provides a guarantee that any polluting suppliers will be unable to tender

The standard is recognisable to local and international bidders

It removes the need to conduct internal environmental training

A.

3 and 4 only

B.

2 and 4 only

C.

1 and 3 only

D.

1 and 2 only

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