Practice Examples and Dumps & Tips for 2024 Latest L3M3 Valid Tests Dumps [Q11-Q33] : Valid Premium Exam : http://premium.validexam.com

Q11. What is a contract?

An agreement between two or more parties which is intended to be enforceable by any means feasible.

An agreement between two or more parties which is enforceable in law.

An agreement between two or more parties which is intended to be honoured.

An agreement between two or more parties which, all other things being equal, is in-tended to be enforceable by law.

Q12. In a reverse online auction:

The highest bid wins

The seller sets up the auction

The lowest bid wins

No bid wins

Q13. Win-win negotiations can be described as expanding the:

Pie

Sky

Tie

Dye

Q14. When a proposal fits with organisational strategy / direction / values, this can be described as:

Alignment

Adjournment

Accompaniment

Ailment

Q15. Which one of the following is a trading bloc?

EFTA

EFTAT

EFTPOS

EFT

Q16. When both buyer and seller share cost information with each other (in both directions), in order to collaborate in cost reduction activities.

Open book costing

Co-destiny

Cost analysis

Cost transparency

Q17. 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:

Retrospective rebate

Vendor debit

Historic refund

Retrospective reward

Q18. In legal parlance, in discussing / negotiating contract terms, something which is ‘less than an offer’, might be:

Invitation to tea

Invitation to treat

Consideration

Invitation to accept

Q19. A ’cause and effect’ or ‘fishbone’ diagram is also commonly known as:

A Murakami diagram

A Fukushima diagram

An Ishiguro diagram

An Ishikawa diagram

Q20. ‘Profit is not a cost’. True or false?

True

False

Q21. ‘When the best XXX is selected, a formal YYY ZZZ is prepared and sent to the supplier. Choose the most likely words to replace XXX, YYY and ZZZ.

Specification, purchase order

Specification, delivery address

Quotation, purchase order

Quotation, order acknowledgement

Q22. Looking specifically at how a quoted price compares to the cost of production is called:

Factor analysis

Price analysis

Psycho analysis

Cost analysis

Q23. What do we call a contract term which is part of the contract, but which is not written into the con-tract documents?

Implied

Express

Hidden

Vague

Q24. ‘Because they are set up for a specified duration, XXX contracts are subject to expiry rather than completion, unless they are renewed or extended.’

Framework

Term

Spot

Call-off

Q25. Which of the following would not normally be included in a whole life cost calculation?

Purchase price

Cost of setting up the tender

Defective work, which needs to be rectified.

Inventory costs

Q26. The official power to make legal decisions and judgments in a given location, for example

Jurassic

de jure

Jurisprudence

Jurisdiction

Q27. After a framework arrangement is in place, a further XXXX competition can be held. Which word replaces XXXX?

Mini

Maxi

Micra

Micro

Q28. Which of the following would not normally be part of data required by the buying organisation’s contract manager?

Other customer data

Technical data

Financial data

Performance data

Q29. A justification of an action (expenditure) that is to be taken by an organisation.

Project management

Competitive tender

Business case

Cost analysis

Q30. ‘Agreement’ is composed of:

Offer and consideration

Offer and acceptance

Capacity and consideration

Correct form and acceptance

Q31. Which one of the following is not an ‘E’ from STEEPLE?

Economic

Ethical

Environmental

Epistemological

Q32. The expression ‘consideration’ means:

Being over 18 and being of sound mind

Some form of valuable exchange

Being nice to people, in the expectation that they in turn will be nice

Taking time to think about the gravity of the contract you may be about to be entering into

Q33. Which STEEPLE factor deals with issues of foreign exchange rates, inflation, consumer spending, labour costs and unemployment levels?

Economic

Political

Socio-cultural

Environmental