Free L3M3 Mock Exam – Practice Online Confidently

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Exam Code: L3M3
Exam Questions: 90
Contract Administration (L3M3)
Updated: 20 Feb, 2026
Question 1

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 2

A justification of an action (expenditure) that is to be taken by an organisation.

Options :
Answer: A

Question 3

A concise structured document showing all risks for a contract / unit / organisation, including details of nature of risk, risk owner, anticipated impact, possible responses, etc

Options :
Answer: A

Question 4

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

Is this quantitative or qualitative data gathering?

Options :
Answer: A

Question 5

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

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