L3M3 Exam Questions & Answers
Contract Administration • CIPS
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Sample L3M3 Questions
Practice with real exam-style questions, each with the verified correct answer and explanation.
In this course, the acronym 'NDA' stands for:
Non-disclosure agreement, also known as a confidentiality agreement.
The UN Guiding Principles on Business and Human Rights (UNGP) - which recognise that business enterprises must respect human rights -- were adopted in which year?
2011 is the correct answer.
You may wish to search for the Guiding Principles to familiarise yourself a little.
Revenue-earning possibilities which are foregone as a result of implementing a plan; the cost of not doing something else.
An opportunity cost is the cost of not being able to do something else.
For example, if a firm opts to build a new factory, it may not be able to create ten new retail outlets which was another option open to it, in spending these particular funds. Or if you buy a holiday, you may not be able to buy a new television. The television is the opportunity cost of the holiday ie the benefit foregone.
The other types of cost shown are methods of classifying actual (real) costs. Opportunity costs are, in a sense, not real; they are hypothesized and therefore do not show in the balance sheet or profit and loss account of a business.
When negotiating, it is highly desirable to have both a:
Best alternative to a negotiated agreement; and a zone of potential agreement.
The other terms shown are just fictions.
'Agreement' is composed of:
Offer and acceptance together make up 'agreement'.
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