Key players have a:
Answer(s): 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 : !
Under a XXXX contract, the buyer does commit to purchase a given quantity over a given period of time, but the precise number of orders and their quantities is unknown at the start of the period.What expression has been replaced by XXXX?
Answer(s): A
The fact that the time period and the total quantity is known means it is a 'call-off' contract. The volumes of product are 'called off' from the contract as required by the buying organisation.Make sure you understand the difference between a call-off contract and a framework arrangement.Under a framework arrangement, there is no obligation on the part of the buyer to use the goods / services specified.
A `cause and effect' or `fishbone' diagram is also commonly known as:
Answer(s): D
The answer is an Ishikawa Diagram.Can be used in addressing quality problems, problems of under-performance, etc.The other Japanese-sounding names shown as possible answers are spurious - two are novelists, and Fukushima was a serious environmental radioactive leak at a nuclear power station on the coast of Japan.
`A purchasing procedure whereby potential suppliers are invited to make a firm and unequivocal offer of the price and terms on which they will supply specified goods or services which, on ac- ceptance, shall be the basis of the subsequent contract'
The 'firm and unequivocal offer' and 'the basis of a contract' indicate the reference to a formal and binding tender procedure. The answer is therefore 'invitation to tender'.
What is a contract?
Answer(s): 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.
Post your Comments and Discuss CIPS L3M3 exam prep with other Community members: