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CIPS Commercial Contracting Sample Questions (Q82-Q87):
NEW QUESTION # 82
Which of the following encourages social and environmental criteria in public sector contracting in the UK?
- A. Supply and Appropriation Act
- B. Social Action, Responsibility and Heroism Act
- C. Children and Social Work Act
- D. The Public Services Act
Social and environmental criteria are increasingly encouraged in public sector contracting. In the UK, The Public Services (Social Value) Act 2012 encourages public organising to apply social and environmental criteria in contract.
LO 2, AC 2.1
NEW QUESTION # 83
Under hire purchase agreement, when will the ownership of asset legally belong to the purchaser?
- A. When the agreement is signed
- B. When the final instalment is paid
- C. When the purchaser takes possession of the asset
- D. When the down payment is made
Hire purchase is an arrangement for buying expensive consumer goods, where the buyer makes an initial down payment and pays the balance plus interest in installments. Ownership is not transferred until the end of the agreement, hire purchase plans offer more protection to the vendor than other sales or leasing methods for unsecured items. That's because the items can be repossessed more easily should the buyer be unable to keep up with the repayments.
The answer is 'When the final instalment is paid'.
- Hire Purchase Agreements
- CIPS study guide page 70
LO 1, AC 1.3
NEW QUESTION # 84
Which of the following is always an advantage of using fixed price arrangement in a contract for buying organisation?
- A. Buyer can allocate budget with certainty
- B. Supplier always receives a fixed margin
- C. Buyer can harness falling market price
- D. Suitable for contracts that last 5 years or more
Advantages of using fixed pricing arrangement are as below:
- Budget/income certainty - prices are fixed up front and should not change
- The impact of changes to the supplier's cost base is not fed through to the purchaser. If costs diminish, the supplier will benefit from this, and if costs rise, the purchaser will benefit Reference:
LO 3, AC 3.3
NEW QUESTION # 85
Bethy sees a coat on shop window with a $100 price tag. She comes and asks the shop owner to buy it. The owner states that the price has not been updated and the current price for the coat is $120. Bethy says the owner should honour the quoted price on window shop. Is Bethy correct?
- A. Yes, $120 for a coat is extremely unreasonable and the owner's later offer therefore void
- B. No, the owner is revoking his initial offer to sell at $100 and he is proposing new offer to Bethy
- C. Yes, the owner has made an offer by showing his product on the shop window and he must honour that offer
- D. No, the display on shop window is just an invitation to treat and the owner may change the price at his will
Based on two famous precedents, Fisher v. Bell (1961) and Pharmaceutical Society of Great Britain v. Boots Cash Chemists (1953), the display on shop window is considered as an invitation to treat. The shop owner can change the price when his customer asks to buy.
LO 1, AC 1.2
NEW QUESTION # 86
A construction company is undertaking a housing development project. They need lots of bricks and other building materials, but the construction site doesn't have large area for storage of materials. Therefore, the company's suppliers must deliver the building materials with fixed quantity and at fixed time intervals. What type of contract is used between the construction company and its suppliers?
- A. One off contract
- B. Call off contract
- C. Spot transaction
- D. Framework agreement
In the scenario, the contract between the company and its suppliers is continuous rather than one-off. So it cannot be one-off contract or spot purchase. The quantity and time is well known and fixed, this type of contract is known as call-off contract or blanket order.
LO 1, AC 1.3
NEW QUESTION # 87
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