Question 1

Under the doctrine of sovereign immunity,domestic courts may exercise jurisdiction over a foreign state or its instrumentalities.

Accepted Answer

A) True 
 B)False

Question 2

The Overseas Private Investment Corporation (OPIC):

Accepted Answer

A)  is a private company that analyzes and monitors the political climate of countries in which American companies do business. 
B)  offers insurance to American companies to diminish the risks of expropriation of their property in the countries in which they do business. 
C)  was successful in lobbying Congress to repeal the Foreign Sovereign Immunities Act which had,in the past,prevented American companies from seeking relief from countries which had expropriated their property. 
D)  provides protection against natural disasters such as tsunamis in foreign countries. 
A)  is a private company that analyzes and monitors the political climate of countries in which American companies do business. 
B)  offers insurance to American companies to diminish the risks of expropriation of their property in the countries in which they do business. 
C)  was successful in lobbying Congress to repeal the Foreign Sovereign Immunities Act which had,in the past,prevented American companies from seeking relief from countries which had expropriated their property. 
D)  provides protection against natural disasters such as tsunamis in foreign countries.

Question 3

Which of the following is not an exception to the act of state doctrine?

Accepted Answer

A)  A sovereign waives its right to raise the act of state defense. 
B)  A foreign sovereign contracts to sell a service. 
C)  A foreign sovereign's decides to grant a license to export a natural resource. 
D)  There is a claim to property based on the assertion that a foreign state confiscated the property in violation of the principles of international law. 
A)  A sovereign waives its right to raise the act of state defense. 
B)  A foreign sovereign contracts to sell a service. 
C)  A foreign sovereign's decides to grant a license to export a natural resource. 
D)  There is a claim to property based on the assertion that a foreign state confiscated the property in violation of the principles of international law.

Question 4

The act of state doctrine:

Accepted Answer

A)  allows foreign countries to be liable for their torts. 
B)  allows state governments in the United States to ignore treaties entered into by the United States. 
C)  provides that the judicial branch of a nation should not question the validity of actions taken by a foreign government within that foreign sovereign's own borders. 
D)  is a very recent addition to U.S.law. 
A)  allows foreign countries to be liable for their torts. 
B)  allows state governments in the United States to ignore treaties entered into by the United States. 
C)  provides that the judicial branch of a nation should not question the validity of actions taken by a foreign government within that foreign sovereign's own borders. 
D)  is a very recent addition to U.S.law.

Question 5

The U.S.and the government of Mystic broke off diplomatic relations in a dispute over fishing rights.The U.S.blocked exports to Mystic.Mystic in turn seized and expropriated the assets of several U.S.companies located within the country.One of the companies,Continental Coffee,sued the U.S.government and the government of Mystic charging violation of the U.S.Constitution on the grounds of deprivation of property without due process of law.How will the company fare in its case against the U.S.? against Mystic? Explain your answer in detail,providing reasons for your decision.

Accepted Answer

Continental Coffee does not have a case

Question 6

The International Anti-Bribery and Fair Competition Act of 1998 expands the FCPA to include:

Accepted Answer

A)  influencing any act or decision of a foreign official,political party,or political official for the purpose of influencing any decision of that person or party in his or its official capacity. 
B)  payments made to "secure any improper advantage" from foreign officials. 
C)  all foreign persons who commit an act in furtherance of a foreign bribe while in the foreign country. 
D)  inducing a foreign official to use his influence to affect a decision of a foreign government to assist a domestic concern in obtaining business. 
A)  influencing any act or decision of a foreign official,political party,or political official for the purpose of influencing any decision of that person or party in his or its official capacity. 
B)  payments made to "secure any improper advantage" from foreign officials. 
C)  all foreign persons who commit an act in furtherance of a foreign bribe while in the foreign country. 
D)  inducing a foreign official to use his influence to affect a decision of a foreign government to assist a domestic concern in obtaining business.

Question 7

The World Bank established the ____ to encourage increased investment in developing nations.

Accepted Answer

A)  Overseas Private Investment Corporation 
B)  World Trade Organization 
C)  Multilateral Investment Guarantee Agency 
D)  Commission on International Trade 
A)  Overseas Private Investment Corporation 
B)  World Trade Organization 
C)  Multilateral Investment Guarantee Agency 
D)  Commission on International Trade

Question 8

The CISG was developed by the:

Accepted Answer

A)  UNCITRAL. 
B)  National Conference of Commissioners on Uniform State Law. 
C)  EU. 
D)  World Trade Organization. 
A)  UNCITRAL. 
B)  National Conference of Commissioners on Uniform State Law. 
C)  EU. 
D)  World Trade Organization.

Question 9

In international business transactions,a documentary letter of credit:

Accepted Answer

A)  is a method of payment of goods that reduces the seller's risk from the possibility that the goods will be shipped,but not paid for. 
B)  is a type of bill of lading. 
C)  is a guarantee by the seller's bank that it will pay the price of the exported goods if the seller breaches the contract. 
D)  All of these. 
A)  is a method of payment of goods that reduces the seller's risk from the possibility that the goods will be shipped,but not paid for. 
B)  is a type of bill of lading. 
C)  is a guarantee by the seller's bank that it will pay the price of the exported goods if the seller breaches the contract. 
D)  All of these.

Question 10

An objective of the EU is to promote economic and social progress among member states.

Accepted Answer

A) True 
 B)False

Question 11

International contracts should specify the contract's official language and define all of the significant legal terms used.

Accepted Answer

A) True 
 B)False

Question 12

Export controls or restrictions usually result from:

Accepted Answer

A)  national defense considerations. 
B)  foreign policy considerations. 
C)  the desire to protect scarce national resources. 
D)  All of these. 
A)  national defense considerations. 
B)  foreign policy considerations. 
C)  the desire to protect scarce national resources. 
D)  All of these.

Question 13

Which of the following statements is true?

Accepted Answer

A)  The International Court of Justice renders binding decisions and advisory opinions to the many nations that submit their disputes to it. 
B)  The International Court of Justice is the judiciary branch of the United Nations,and its judges are elected by a majority of both the U.N.General Assembly and the U.N.Security Council. 
C)  The International Court of Justice was formed as the judiciary branch of the EC. 
D)  The International Court of Justice is very useful,in part because nations as well as private individuals and corporations may be parties to an action before the court. 
A)  The International Court of Justice renders binding decisions and advisory opinions to the many nations that submit their disputes to it. 
B)  The International Court of Justice is the judiciary branch of the United Nations,and its judges are elected by a majority of both the U.N.General Assembly and the U.N.Security Council. 
C)  The International Court of Justice was formed as the judiciary branch of the EC. 
D)  The International Court of Justice is very useful,in part because nations as well as private individuals and corporations may be parties to an action before the court.

Question 14

A(n)____ is a clause apportioning the liability and responsibilities of the parties in the event of an unforeseeable and unavoidable occurrence,such as a typhoon,tornado,or other disaster.

Accepted Answer

A)  act of state 
B)  OPIC 
C)  letter of credit 
D)  force majeure 
A)  act of state 
B)  OPIC 
C)  letter of credit 
D)  force majeure

Question 15

Which of the following is true about the European Union (EU)?

Accepted Answer

A)  The EU is the predecessor to the European Community. 
B)  An objective of the EU is to promote economic and social progress and to establish an economic and monetary union among member nations. 
C)  The EU has officially admitted Japan to full membership. 
D)  The EU has ten full member nations and almost forty million citizens. 
A)  The EU is the predecessor to the European Community. 
B)  An objective of the EU is to promote economic and social progress and to establish an economic and monetary union among member nations. 
C)  The EU has officially admitted Japan to full membership. 
D)  The EU has ten full member nations and almost forty million citizens.

Question 16

Expropriation of property by a foreign government for a public purpose with the payment of just compensation,but without the consent of the owner violates generally observed principles of international law.

Accepted Answer

A) True 
 B)False

Question 17

What is "dumping"?

Accepted Answer

A)  The disparaging of the products of a competitor in international trade. 
B)  A company's selling of its product cheaper in its home market than in its export market. 
C)  A company's engaging in overproduction in order to flood a market so as to drive down prices. 
D)  A company's selling of its product for less than normal value in a foreign market. 
A)  The disparaging of the products of a competitor in international trade. 
B)  A company's selling of its product cheaper in its home market than in its export market. 
C)  A company's engaging in overproduction in order to flood a market so as to drive down prices. 
D)  A company's selling of its product for less than normal value in a foreign market.

Question 18

Confiscation of property by a foreign government for nonpublic purposes without adequate payment violates generally observed principles of international law.

Accepted Answer

A) True 
 B)False

Question 19

Under the provisions of the United Nations Convention on the Law of the Sea (UNCLOS),coastal nations have

Accepted Answer

A)  have exclusive access to the bodies of water which they border. 
B)  sovereign rights in a 500-nautical mile zone with respect to natural resources. 
C)  sovereign rights to exploit the continental shelf of their coasts. 
D)  the responsibility to aid ships in distress on their shores. 
A)  have exclusive access to the bodies of water which they border. 
B)  sovereign rights in a 500-nautical mile zone with respect to natural resources. 
C)  sovereign rights to exploit the continental shelf of their coasts. 
D)  the responsibility to aid ships in distress on their shores.

Question 20

The Wall Street Reform and Consumer Protection Act of 2010 extends the extraterritorial reach of the antifraud provisions of the 1933 and 1934 securities acts with respect to actions brought by the United States and the SEC.

Accepted Answer

A) True 
 B)False

Exam 46: International Business Law

Under the doctrine of sovereign immunity,domestic courts may exercise jurisdiction over a foreign state or its instrumentalities.

The Overseas Private Investment Corporation (OPIC):

Which of the following is not an exception to the act of state doctrine?

The act of state doctrine:

The International Anti-Bribery and Fair Competition Act of 1998 expands the FCPA to include:

The World Bank established the ____ to encourage increased investment in developing nations.

The CISG was developed by the:

In international business transactions,a documentary letter of credit:

An objective of the EU is to promote economic and social progress among member states.

International contracts should specify the contract's official language and define all of the significant legal terms used.

Export controls or restrictions usually result from:

Which of the following statements is true?

A(n)____ is a clause apportioning the liability and responsibilities of the parties in the event of an unforeseeable and unavoidable occurrence,such as a typhoon,tornado,or other disaster.

Which of the following is true about the European Union (EU)?

Expropriation of property by a foreign government for a public purpose with the payment of just compensation,but without the consent of the owner violates generally observed principles of international law.

What is "dumping"?

Confiscation of property by a foreign government for nonpublic purposes without adequate payment violates generally observed principles of international law.

Under the provisions of the United Nations Convention on the Law of the Sea (UNCLOS),coastal nations have

The Wall Street Reform and Consumer Protection Act of 2010 extends the extraterritorial reach of the antifraud provisions of the 1933 and 1934 securities acts with respect to actions brought by the United States and the SEC.

Introduction to Law

Business Ethics and the Social Responsibility of Business

Civil Dispute Resolution

Constitutional Law

Administrative Law

A: Administrative Law

Criminal Law

Intentional Torts

Negligence and Strict Liability

Introduction to Contracts

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance,breach,and Discharge

Contract Remedies

Relationship of Principal and Agent

Relationship With Third Parties

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Products Liability: Warranties and Strict Liability in Tort

Sales Remedies

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits,collections,and Funds Transfers

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature,formation,and Powers

Financial Structure

Management Structure

Fundamental Changes

Secured Transactions and Suretyship

Bankruptcy

Protection of Intellectual Property

Antitrust

Consumer Protection Double

Employment Law

Securities Regulation

Accountants Legal Liability

Environmental Law

Introduction to Property,property Insurance,bailments,and Documents of Title

Interests in Real Property

Transfer and Control of Real Property

Trusts and Decedents Estates

Legal Terminology: Understanding Criminal and Civil Law Systems

Contract Law Terminology

Exploring the Legal Concepts of Agency and Fiduciary Duty

Understanding Key Legal Concepts in Sales and Contracts

Understanding the Terminology of Banking and Finance: Key Concepts and Definitions

Exploring Legal Concepts and Processes in Business Partnerships

Understanding Corporate Law: A Guide to Ultra Vires Acts, Subscribers, Debt Securities, and More

Understanding Key Terms in Secured Transactions and Bankruptcy Law

Legal Topics and Terms

Legal Topics in Property Ownership and Management