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CIPS L3M3 Exam Actual Questions
The questions for L3M3 were last updated on Sep 21, 2024.
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What do we call a contract term which is part of the contract, but which is not written into the con-tract documents?
In English law, implied terms exist, even if you can't see them in the contract documents. They commonly derive from statute. An example is the Sale of Goods Act.
A sum of money credited to a buyer by a seller in recognition of a large volume of purchases bought throughout the previous year might be called a:
It's a retrospective rebate, and can be a highly significant way of (often hidden) discounting for many businesses - sometimes a 'life-saver'. Something to think about in an open book costing situa-tion - are there rebates to suppliers which are 'forgotten' in discussions?
The legal lessons included in this course are based on:
English law, with Scots and European law being different.
In many Commonwealth countries, the legal system used is based on historic English law, thus many lawyers around the world are familiar with many of the fundamental concepts of English law, including the law of contract.
Contracts should state which legal system applies.
A concise structured document showing all risks for a contract / unit / organisation, including details of nature of risk, risk owner, anticipated impact, possible responses, etc
Risk register.
A risk manual is more likely to explain risk(s), and say what should be done regarding risks.
Which one of the following is a trading bloc?
EFTA.
The European Free Trade Agreement countries.
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