CIPS L5M3 Exam Dumps

Get All Managing Contractual Risk Exam Questions with Validated Answers

L5M3 Pack
Vendor: CIPS
Exam Code: L5M3
Exam Name: Managing Contractual Risk
Exam Questions: 120
Last Updated: April 15, 2026
Related Certifications: Level 5 Advanced Diploma in Procurement and Supply
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Free CIPS L5M3 Exam Actual Questions

Question No. 1

A breach which is so severe that it goes to the root of the contract is known as what?

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Correct Answer: A

This is a Fundamental Breach. Fundamental Breach and Major Breach are very similar- they're both really bad and can lead to damages and the termination of the contract. The difference is that a Fundamental Breach is so bad that it goes to the root of the contract - a breach so bad that the contract is basically worthless. For example if you make a contract with a supplier to have potatoes delivered but it turns out they don't sell potatoes, only apples, and they keep sending you apples instead of potatoes. This would be a fundamental breach because its something so fundamental to the contract that there's no point in the contract existing if there's a breach like this. Condition Breach and Essence Breach are made up words- they don't exist. P.44


Question No. 2

Jenny has received a written offer from a supplier. She emails them to clarify if they can do next day delivery. The supplier does not reply. The next day Jenny makes the payment. Has a contract been formed?

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Correct Answer: A

Yes- the supplier made an offer and Jenny accepted it by making a payment is the correct answer. The other three options are incorrect: 'yes- a counter offer has been made' = there is no counter-offer made in this example - a clarification is not a counter-offer / 'no- the clarification constitutes a conditional acceptance' = clarifications are not conditional acceptance / 'no- a contract has not been signed' = there doesn't need to be a signed document- acceptance can be through performance. Issuing the payment would be considered acceptance via performance. See p 2-12 for more information on conditional acceptance, counter offers and acceptance of offers.


Question No. 3

Which of the following will you put into box 5?

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Correct Answer: B

The correct answers are as follows:

This is payment terms - the discussion is about amending the payment terms from 60 days to 30 days.


Question No. 4

Which of the following will you put into box 1?

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Correct Answer: B

The correct answers are as follows:

The answer is compete because they're not concerned with preserving the relationship


Question No. 5

Alan has an ongoing contract with a supplier for the provision of gardening tools to his horti-culture business. He has been working with the supplier for over 20 years and has recently discovered that the supplier committed a breach in a warranty 3 years ago. Can Alan claim damages?

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Correct Answer: A

'Yes- A Breach has occurred and a contract is in place' - this is the correct answer. Claims against warranties can be made up to six years from the date the contract is breached. Option 2 isn't correct as a breach in warranty does not allow you to rescind the contract. Options 3 and 4 are incorrect because Alan CAN claim damages. There's a useful table about warranties and conditions on p. 127


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