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: August 22, 2026
Related Certifications: Level 5 Advanced Diploma in Procurement and Supply
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Free CIPS L5M3 Exam Actual Questions

Question No. 1

Which of the following will you put into box 6?

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Correct Answer: C

The correct answers are as follows:

This is a warranty as it is a minor term. If the invoices aren't processed in 30 days this isn't a major breach- the supplier has said they'd be okay with it.


Question No. 2

Sam is a factory manager and has purchased a new fixed asset on a loan purchase agreement. There is a forbearance agreement between the Factory and the provider. What does this mean?

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Correct Answer: A

1 is the correct answer. This is a direct quote from p. 104 of the study guide.


Question No. 3

What is a Prime Contract?

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Correct Answer: B

'A contract between an end customer and a company which has full responsibility for its perfor-mance' is the correct answer. This is the definition of Prime Contract given on p. 47


Question No. 4

Sarah is a baker and orders free-range eggs from a local supplier which she uses to make cakes. There is a contract in place which included a specification that states that the eggs must be free-range. One day the supplier delivers eggs which Sarah uses in the cakes. Later she dis-covered that these were not free-range. Sarah believes that the supplier has broken the con-tract. Is this true?

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Correct Answer: D

'No- there has been a breach in warranty' is the correct answer. The key to answering this question lies in the fact that the specification in this example is a warranty rather than a condition of the contract. P.45 of the study guide explains that the Sale of Goods Act has implications on whether or not a specification is a condition, warranty or innominate term and it's all about whether the product is in 'good condition' and can be used for its intended purpose. In this example the eggs were used for their intended purpose and were in good condition (or Sarah wouldn't have put them in the cakes). Therefore in this example, the eggs needing to be free-range is a warranty of the contract not a condition. Therefore options A and B are both wrong. Answer C is also wrong because the question mentioned that the specification was included in the contract. If you want to know more about the implication of the Sale of Goods act on specifications see p.45.


Question No. 5

Which of the following will you put into box 6?

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Correct Answer: C

The correct answers are as follows:

This is mediation because 1) it's private and 2) there's a third party present


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