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Exam Code: L3M3
Exam Questions: 90
Contract Administration (L3M3)
Updated: 06 Jan, 2026
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Question 1

The expression ‘consideration’ means:

Options :
Answer: C

Question 2

What do we call a contract term which is part of the contract, but which is not written into the contract documents?

Options :
Answer: D

Question 3

Revenue-earning possibilities which are foregone as a result of implementing a plan; the cost of not doing something else.

Options :
Answer: D

Question 4

What is the term for a situation where a seller sets a high introductory price for a new product, to attract buyers who have a strong desire to get the product early, and who can afford it? The price then gets gradually reduced over time.

Options :
Answer: C

Question 5

Conducting individual and group-based (focus groups) in-depth interviews.

Is this quantitative or qualitative data gathering?

Options :
Answer: A

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