CIPS L3M3 Exam Dumps

Get All Contract Administration Exam Questions with Validated Answers

L3M3 Pack
Vendor: CIPS
Exam Code: L3M3
Exam Name: Contract Administration
Exam Questions: 90
Last Updated: April 15, 2026
Related Certifications: Level 3 Advanced Certificate in Procurement and Supply Operations
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Free CIPS L3M3 Exam Actual Questions

Question No. 1

Revenue-earning possibilities which are foregone as a result of implementing a plan; the cost of not doing something else.

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Correct Answer: A

An opportunity cost is the cost of not being able to do something else.

For example, if a firm opts to build a new factory, it may not be able to create ten new retail outlets which was another option open to it, in spending these particular funds. Or if you buy a holiday, you may not be able to buy a new television. The television is the opportunity cost of the holiday ie the benefit foregone.

The other types of cost shown are methods of classifying actual (real) costs. Opportunity costs are, in a sense, not real; they are hypothesized and therefore do not show in the balance sheet or profit and loss account of a business.


Question No. 2

Key players have a:

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Correct Answer: C

High level of power and a high level of interest.

You should hope that in your exam you get such an easy QUESTION NO : !


Question No. 3

What is a contract?

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Correct Answer: B

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

This definition separates a contract from a social or domestic arrangement, in that contracts are in-tended to be enforceable at law. The other answers shown here dilute the concept, and so are unac-ceptable as answers to the question.


Question No. 4

In this course, the acronym 'NDA' stands for:

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Correct Answer: D

Non-disclosure agreement, also known as a confidentiality agreement.


Question No. 5

Transfer of the rights and obligations of a contract onto a third party, is called:

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Correct Answer: A

Essentially the contract is now between two different parties because one party has assigned the contract to someone else.

It's always a good idea to check whether this is permitted under a contract, otherwise you might finish up doing business with someone you didn't plan to do business with.


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