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Free L3M3 Exam Braindumps (page: 4)

Page 3 of 23
PDF with 90 Questions

`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'

  1. Competitive dialogue
  2. Request for information
  3. Invitation to tender
  4. Expression of interest

Answer(s): C

Explanation:

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?

  1. An agreement between two or more parties which is intended to be enforceable by any means feasible.
  2. An agreement between two or more parties which is enforceable in law.
  3. An agreement between two or more parties which is intended to be honoured.
  4. An agreement between two or more parties which, all other things being equal, is in-tended to be enforceable by law.

Answer(s): B

Explanation:

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.



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

  1. Assignment
  2. Association
  3. Acceptance
  4. Assignation

Answer(s): A

Explanation:

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.



Which of the following are internal factors in supplier decision-making? Choose two.

  1. Extent of competition in the marketplace
  2. Cost of production
  3. Shareholder and managerial expectations of profit
  4. Customer perceptions of value

Answer(s): B,C

Explanation:

Cost of production, and shareholder and managerial expectations of profit, are both internal factors in decision-making. Although shareholders may be outside the firm, management will condition shareholders' expectations. Customer perception of value and the extent of marketplace competition are significantly outwith the control of the company.






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