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2025 Realistic CIPS Sample L4M3 Exam Pass Guaranteed Quiz
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CIPS L4M3 (CIPS Commercial Contracting) Certification Exam is a globally recognized certification program designed for procurement and supply chain professionals who specialize in commercial contracting. The program is offered by the Chartered Institute of Procurement and Supply (CIPS), an international organization that sets the standards for professional procurement and supply chain management.
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| Topic |
Details |
| Topic 1 |
- Ethical and Responsible Sourcing (L4M4): This module targets Compliance Specialists and focuses on responsible supplier selection. It looks into sourcing options, financial evaluations, pre-contract activities, award criteria, and the importance of sustainability, governance, and ethical considerations, both domestically and internationally. Learners also explore audit mechanisms and environmental strategies.
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| Topic 2 |
- Commercial Negotiation (L4M5): Tailored for Category Buyers, this section covers commercial negotiation techniques and preparation. It includes stakeholder dynamics, power balance, relationship impact, economic influences, and communication strategies. The module provides the foundation for conducting effective negotiations and evaluating outcomes for future improvements.
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| Topic 3 |
- Whole-Life Asset Management (L4M7): Targeted at Inventory Controllers, this module explains inventory storage, movement, and control. It breaks down asset lifecycle costing, forecasting methods, inventory classifications, and warehousing technologies. Learners also assess the environmental and financial factors tied to long-term asset ownership and disposal.
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| Topic 4 |
- Supplier Relationships (L4M6): Designed for Vendor Relationship Officers, this unit investigates supply chain relationship models and the tools needed to build strong partnerships. Learners explore competitive influences, team dynamics, stakeholder management, conflict resolution, and reasons partnerships fail. It emphasises trust, communication, and performance review processes.
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CIPS Commercial Contracting Sample Questions (Q54-Q59):
NEW QUESTION # 54
Which of the following are always considered as minimum preconditions for a contract? Select TWO that apply:
- A. Omission
- B. Specification
- C. Consideration
- D. Intention to be bound
- E. Promise
Answer: C,D
Explanation:
In order to form a contract to come into being, there are five conditions:
- Offer
- Acceptance
- Consideration
- Intention to be legally bound
- Capacity to contract
Reference: CIPS study guide page 28-43
LO 1, AC 1.2
NEW QUESTION # 55
The pricing arrangement in which markup is added into cost base to calculate the final price is known as...?
- A. Market based approach
- B. Fixed Price approach
- C. Cost plus pricing
- D. Price indices
Answer: C
Explanation:
The market approach is a method of determining the value of an asset based on the selling price of similar assets.
A fixed-price strategy means you set a price and keep it constant for an extended period of time.
Cost-plus pricing is also known as markup pricing. It's a pricing method where a fixed percentage is added on top of the cost to produce A price index (PI) is a measure of how prices change over a period of time, or in other words, it is a way to measure inflation. There are multiple methods on how to calculate inflation (or deflation).
Reference:
LO 3, AC 3.3
NEW QUESTION # 56
Michelle contacts Hannah and asks her if she would be interested in purchasing her car for £2000. Hannah immediately takes £2000 to Michelle and says she wants to buy the car. Michelle subsequently refuses to proceed. Has the contract between Michelle and Hannah been made?
- A. No, because by refusing to proceed, Michelle rejects Hannah's counter-offer
- B. Yes, by her performance Hannah has accepted Michelle's offer on selling the car
- C. No, because Michelle has rejected Hannah's offer on buying the car
- D. Yes, because both parties have full legal capability to enter into a contract
Answer: C
Explanation:
To solve the question, you must distinguish the following notion:
- Offer: The case of Storer v Manchester City Council [1974] 1 WLR 1403 outlines that an offer is: An expression of willingness to contract on specified terms, with the intention that it is to be binding once accepted
- Acceptance: in order for a contract to be formed, the offer must be accepted. Acceptance represents the meeting of the minds of the parties to the contract - both agree to exchange something for the other (payment, services, goods, etc.).
- Counter offer: is an offer made in response to a prior offer.
- Invitation to treat: An important distinction to make in contract law is that between an offer and an invitation to treat. An invitation to treat is usually an invitation for another party to make an offer. It may also be defined as an indication that a party is open to negotiation.
Here are some key distinctions of offers and invitation to treats.
Offer:
* Certain promise to be bound
* Clear and specified terms
* The conduct or words of the party show certainty
* There is no room for negotiation
Invitation to treat:
* There is room for negotiation
* There is an invitation for offers
* There is a request for information
* Lack of certainty
In the scenario above, initially Michelle just gives an invitation to treat because she is asking whether Hannah is interested to buy her car (request for information from Hannah). Hannah may reject or go into a negotiation with Michelle. Then, Hannah makes an offer by taking the money and shows her intention to be legally bound. At this point, when Hannah's offer is present, Michelle can accept or reject. When she rejects, the contract is not formed. The answer must be "No, because Michelle has rejected Hannah's offer on buying the car".
Reference:
- Definition of Counter Offer
- Formation of the contract
- CIPS study guide page 28-35
LO 1, AC 1.2
NEW QUESTION # 57
Which of the following are likely to be implied terms in a contract? Select TWO that apply:
- A. Definition & interpretation
- B. Contract clause
- C. Legal precedence
- D. Statute
- E. Contract appendix
Answer: C,D
Explanation:
An implied term is a term which the courts imply into a contract because it has not been expressly included by the parties. This may be because the parties did not consider it, did not think that any problem would arise in relation to it or simply omitted to include it.
The courts are very reluctant to imply terms into contracts and will only do so in the following circumstances:
- terms implied under statute
- terms implied under common law
- terms implied because of custom or usage
- terms implied due to previous dealings
- terms implied 'in fact' or to reflect the parties' intentions
Reference:
- Contracts: Express and Implied Terms
- CIPS study guide page 32
LO 1, AC 1.2
NEW QUESTION # 58
A procurement professional is drafting payment terms for a commercial contract. He is considering about payment method if defective products are found. Which of the following should be embedded in payment terms to control this issue?
- A. Invoice preparation
- B. Retention clause
- C. Pay-less notice
- D. Remedies for late payment
Answer: B
Explanation:
Retention money is the payment for a service or product that is withheld pending the completion of some specified condition. For example, buyer may withhold the amount due until the supplier replace all defective goods.
Pay-less notice is the notice under a contract which states that the invoice will only be partially paid because of some issues such as supplier has to pay the damages.
Remedies for late payment are remedies that supplier may seek when a buyer pay it later than the stated payment terms. Normally, the buyer will be charged an interest rate.
Reference: CIPS study guide page 190-191
LO 3, AC 3.3
NEW QUESTION # 59
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