CIPS L3M3 Based on Real Exam Environment

Explanation

Best alternative to a negotiated agreement; and a zone of potential agreement.

The other terms shown are just fictions.

Explanation

English law, with Scots and European law being different.

In many Commonwealth countries, the legal system used is based on historic English law, thus many lawyers around the world are familiar with many of the fundamental concepts of English law, including the law of contract.

Contracts should state which legal system applies.

Explanation

This is true. Profit is what is left over after you've covered all your costs. In simple terms.

Explanation

The answer is 'environmental'.