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Managing Contractual Risk

Last Update Nov 24, 2024
Total Questions : 120

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All CIPS Level 5 Advanced Diploma in Procurement and Supply Related Certification Exams


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Managing Contractual Risk Questions and Answers

Questions 1

Which of the following would not be considered acceptance of a contract term?

Options:

A.

silence

B.

accepting a delivery of a product into the factory

C.

an invoice

D.

a handshake

Questions 2

Which of the following will you put into box 3?

Options:

A.

Payment Term

B.

Time is of the Essence

C.

Subcontracting

D.

Specification

Questions 3

Alan has an ongoing contract with a supplier for the provision of gardening tools to his horti-culture business. He has been working with the supplier for over 20 years and has recently discovered that the supplier committed a breach in a warranty 3 years ago. Can Alan claim damages?

Options:

A.

yes- the breach has occurred and a contract is in place

B.

yes- Alan can claim damages and rescind the contract

C.

no- Alan could only claim if the breach was of a condition, not a warranty

D.

no- Alan cannot claim because the breach was so long ago

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