L3M4 Practice Exam Questions and Answers

Fear of the unknown, peer pressure, organisational politics are examples of reasons why people might:

Thinking about the PESTEL model, under which heading would ageing society most readily fall?

Which of the following are examples of implied terms in a contract? Select TWO that apply.

‘Using expensive equipment for a task when the same task could be done more simply and cheaper another way. Sometimes called “using a sledgehammer to crack a nut” ’. Which one of the ‘wastes’ is being described here?

A team should be a xxxx unit, rather than a collection of individuals’. Select the three words which fit best.

Fabrizio created a contract for his supplier which included various contract terms. One term that Fabrizio included stated that "as agreed the price of each pencil is $1.00." Which of the following options describes this term?

Contract terms are statements by the parties to the contract as to what they understand their rights and obligations to be under the contract. It is important from the outset that there is a genuine agreement between the parties as to what the contract terms are. After the contract has been made, it is too late for either party to alter its terms unilaterally. Which of the following is another role that negotiated contract terms might play?

Foodstuffs may arrive from an overseas supplier in a deteriorated state. Is this covered under the implied term of 'satisfactory quality'?

The purpose of model form contracts is to provide an organisation with an off-the-shelf contract agreement, the terms of which should not be amended by the parties. Is this statement true?

Tony Campbell, a West Logistics Ltd (WLL) procurement manager, is working on a specification for a data storage solution. The current version of an Information Security Management standard (ISO27001) has been identified as a suitable standard for potential suppliers to be certified to. What is the advantage to WLL of stipulating this type of standard within a product specification?