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CIPS L5M3 Exam
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Free CIPS L5M3 Exam Actual Questions
The questions for L5M3 were last updated On Apr. 14, 2024
When assessing damages caused by a breach, which of the following statements is true?
The correct answer is: 'damages attempt to position the innocent party in the position that they would have been had the contract been performed as expected'. This is a quote from p. 121 Option1 is incorrect as unliquidated damages aren't stated in a contract. Option 2 is incorrect because liquidated damages are an assessment of damages before a breach. Option 4 is incorrect because not all breaches are caused by errors (they can be caused by negligence or the offending party withholding something).
Which of the following will you put into box 8?
The correct answers are as follows:
This is arbitration as it involves a panel.
Which of the following statements are TRUE about negotiation? Select THREE
The correct answers are 1, 4 and 5. Negotiation does NOT involve a third party and the outcome is private / confidential. See p.63 for more information on negotiation
Which of the following will you put into box 8?
The correct answers are as follows:
This is arbitration as it involves a panel.
Restitution damages are often calculated before contracts are signed and are clearly stated within a contract. Which of the following statements is not true?
'restitution damages cannot be mitigated by the actions of the innocent party' is the untrue state-ment out of these four. The general principle of Restitution Damages is that the innocent party is expected to be proactive in mitigating the consequences of any breach and should not allow costs to spiral out of control. See p. 124
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