Question 1

A "choice of law" clause designates which nation's laws will be applied in deciding a case.

Accepted Answer

A) True 
 B)False

Question 2

The European Union (EU)is formerly called the European Community or Common Market.

Accepted Answer

A) True 
 B)False

Question 3

Aside from the North American Free Trade Agreement,Mexico has not entered into any other free trade agreement.

Accepted Answer

A) True 
 B)False

Question 4

GATT is a multilateral treaty that establishes trade agreements and limits tariffs and trade restrictions among its more than 150 member nations.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is correct about the World Trade Organization?

Accepted Answer

A)  The World Trade Organization was created in the 1940s. 
B)  The World Trade Organization has adopted a judicial-based dispute resolution system to replace the politically-oriented system in place previously. 
C)  Only a few nations have a representative on the World Trade Organization dispute-settlement body. 
D)  Parties to a dispute have a veto power over any decision reached by the World Trade Organization. 
E)  China has not been admitted to the World Trade Organization. 
A)  The World Trade Organization was created in the 1940s. 
B)  The World Trade Organization has adopted a judicial-based dispute resolution system to replace the politically-oriented system in place previously. 
C)  Only a few nations have a representative on the World Trade Organization dispute-settlement body. 
D)  Parties to a dispute have a veto power over any decision reached by the World Trade Organization. 
E)  China has not been admitted to the World Trade Organization.

Question 6

The courts of one nation cannot question the actions undertaken by another nation within the other nation's borders under:

Accepted Answer

A)  the "act of state" doctrine. 
B)  the "sovereign immunity" doctrine. 
C)  the "extradition" doctrine. 
D)  the "expropriation" doctrine. 
E)  the "comity" doctrine. 
A)  the "act of state" doctrine. 
B)  the "sovereign immunity" doctrine. 
C)  the "extradition" doctrine. 
D)  the "expropriation" doctrine. 
E)  the "comity" doctrine.

Question 7

Which of the following is not true about the United Nations?

Accepted Answer

A)  It was founded in 1918 at the end of World War I. 
B)  Most nations of the world are members. 
C)  There are only five permanent members of the Security Council. 
D)  It contains a number of autonomous agencies that deal with specialized problems. 
E)  Its headquarters are in New York City. 
A)  It was founded in 1918 at the end of World War I. 
B)  Most nations of the world are members. 
C)  There are only five permanent members of the Security Council. 
D)  It contains a number of autonomous agencies that deal with specialized problems. 
E)  Its headquarters are in New York City.

Question 8

Under the Foreign Sovereign Immunities Act,a foreign country is absolutely immune from lawsuits in the United States for disputes involving any commercial activity.

Accepted Answer

A) True 
 B)False

Question 9

There is no European Union central bank.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following lists,in descending order of priority,are sources of international law considered by most courts in settling questions of international law?

Accepted Answer

A)  treaties, customs, conventions, comity 
B)  treaties, customs, general principles of law, judicial decisions and teachings 
C)  conventions, comity, customs, general principles of law 
D)  conventions, treaties, comity, customs 
E)  treaties, customs, conventions, comity. 
A)  treaties, customs, conventions, comity 
B)  treaties, customs, general principles of law, judicial decisions and teachings 
C)  conventions, comity, customs, general principles of law 
D)  conventions, treaties, comity, customs 
E)  treaties, customs, conventions, comity.

Question 11

In terms of the international affairs of the United States,the Constitution gives most of the power to the individual states.

Accepted Answer

A) True 
 B)False

Question 12

Article II,Section 2,Clause 2 of the United States Constitution states that the federal judiciary "shall have the power,by and with the advice and consent of the Senate,to make treaties,provided two-thirds of the senators present concur."

Accepted Answer

A) True 
 B)False

Question 13

The United Nations was formed months after the conclusion of:

Accepted Answer

A)  the Vietnam War 
B)  the second Sino-Japanese War. 
C)  World War I. 
D)  World War II. 
E)  the Korean War. 
A)  the Vietnam War 
B)  the second Sino-Japanese War. 
C)  World War I. 
D)  World War II. 
E)  the Korean War.

Question 14

The United Nations (UN)was created by a multilateral treaty on October 24,1975.

Accepted Answer

A) True 
 B)False

Question 15

Treaties are:

Accepted Answer

A)  made by the President and ratified by a two-thirds vote of the United States House of Representatives. 
B)  made by the President and ratified by a two-thirds vote of the United States Senate. 
C)  made by the President and ratified by a majority vote of the United States House of Representatives. 
D)  made by the President and ratified by a majority vote of the United States Senate. 
E)  made by the President and ratified by a majority vote of the United States House of Representatives and the United States Senate. 
A)  made by the President and ratified by a two-thirds vote of the United States House of Representatives. 
B)  made by the President and ratified by a two-thirds vote of the United States Senate. 
C)  made by the President and ratified by a majority vote of the United States House of Representatives. 
D)  made by the President and ratified by a majority vote of the United States Senate. 
E)  made by the President and ratified by a majority vote of the United States House of Representatives and the United States Senate.

Question 16

Article I,Section 8,Clause 3 of the United States Constitution is known as the ________ Clause.

Accepted Answer

A)  Supremacy 
B)  Foreign Affairs 
C)  International Trade 
D)  Interstate Treaty 
E)  Foreign Commerce 
A)  Supremacy 
B)  Foreign Affairs 
C)  International Trade 
D)  Interstate Treaty 
E)  Foreign Commerce

Question 17

Mabel,a citizen of England; and Pierre,a citizen of France,have been conducting business for many years.Pierre now wants to sue Mabel.Which of the following is true?

Accepted Answer

A)  Pierre can sue Mabel in the World Court, because the dispute is commercial. 
B)  Pierre cannot sue Mabel in the World Court, because the dispute is commercial. 
C)  Pierre cannot sue Mabel in the International Court of Justice under any circumstances. 
D)  Pierre can sue Mabel in the International Court of Justice, but only if Mabel consents. 
E)  Pierre can sue Mabel in the International Court of Justice, but only if a court in England first grants him permission. 
A)  Pierre can sue Mabel in the World Court, because the dispute is commercial. 
B)  Pierre cannot sue Mabel in the World Court, because the dispute is commercial. 
C)  Pierre cannot sue Mabel in the International Court of Justice under any circumstances. 
D)  Pierre can sue Mabel in the International Court of Justice, but only if Mabel consents. 
E)  Pierre can sue Mabel in the International Court of Justice, but only if a court in England first grants him permission.

Question 18

Since the World Trade Organization's international trade rules are capitalist in nature,socialist countries are not eligible to join the organization.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following is not a member of the Association of Southeast Asian Nations?

Accepted Answer

A)  Japan 
B)  Vietnam 
C)  Singapore 
D)  Indonesia 
E)  Cambodia 
A)  Japan 
B)  Vietnam 
C)  Singapore 
D)  Indonesia 
E)  Cambodia

Question 20

A treaty sponsored by an international organization,such as the United Nations,that is signed and ratified by two or more nations is called a:

Accepted Answer

A)  multilateral treaty. 
B)  convention. 
C)  custom. 
D)  charter. 
E)  statute. 
A)  multilateral treaty. 
B)  convention. 
C)  custom. 
D)  charter. 
E)  statute.

Exam 41: International and World Trade Law

A "choice of law" clause designates which nation's laws will be applied in deciding a case.

The European Union (EU)is formerly called the European Community or Common Market.

Aside from the North American Free Trade Agreement,Mexico has not entered into any other free trade agreement.

GATT is a multilateral treaty that establishes trade agreements and limits tariffs and trade restrictions among its more than 150 member nations.

Which of the following is correct about the World Trade Organization?

The courts of one nation cannot question the actions undertaken by another nation within the other nation's borders under:

Which of the following is not true about the United Nations?

Under the Foreign Sovereign Immunities Act,a foreign country is absolutely immune from lawsuits in the United States for disputes involving any commercial activity.

There is no European Union central bank.

Which of the following lists,in descending order of priority,are sources of international law considered by most courts in settling questions of international law?

In terms of the international affairs of the United States,the Constitution gives most of the power to the individual states.

Article II,Section 2,Clause 2 of the United States Constitution states that the federal judiciary "shall have the power,by and with the advice and consent of the Senate,to make treaties,provided two-thirds of the senators present concur."

The United Nations was formed months after the conclusion of:

The United Nations (UN)was created by a multilateral treaty on October 24,1975.

Treaties are:

Article I,Section 8,Clause 3 of the United States Constitution is known as the ________ Clause.

Mabel,a citizen of England; and Pierre,a citizen of France,have been conducting business for many years.Pierre now wants to sue Mabel.Which of the following is true?

Since the World Trade Organization's international trade rules are capitalist in nature,socialist countries are not eligible to join the organization.

Which of the following is not a member of the Association of Southeast Asian Nations?

A treaty sponsored by an international organization,such as the United Nations,that is signed and ratified by two or more nations is called a:

Legal Heritage and the Information Age

Constitutional Law for Business and E-Commerce

Courts and Jurisdiction

Judicial, Alternative, Administrative, and E-Dispute Resolution

Torts and Strict Liability

Criminal Law and Cyber Crimes

Intellectual Property and Cyber Piracy

Ethics and Social Responsibility of Business

Nature of Traditional and E-Contracts

Agreement and Consideration

Capacity and Legality

Genuineness of Assent and Statute of Frauds

Third-Party Rights and Discharge

Breach of Contract and Remedies

Digital Law and E-Commerce

Formation of Sales, Lease, and E-Contracts

Performance of Sales, Leases and E-Contracts

Remedies for Breach of Sales and Lease Contracts

Warranties and Product Liability

Creation and Transfer of Negotiable Instruments

Holder in Due Course and Liability of Parties

Banking System, E-Money, and Financial Reform

Credit and Secured Transactions

Bankruptcy and Reorganization

Agency Law

Small Business, Entrepreneurship, and Partnerships

Corporate Formation and Financing

Corporate Governance and Sarbanes-Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Company and Limited Liability Partnership

Franchise and Special Forms of Business

Investor Protection,E-Securities Transactions,and Wall Street Reform

Antitrust Law

Consumer Safety, Consumer Financial Protection, and Environmental Protection

Labor, Worker Protection, Employment, and Immigration Law

Equal Opportunity in Employment

Personal Property, Bailment, and Insurance

Real Property, Landlord-Tenant Law, and Land Use Regulation

Family Law, Wills, and Trusts

Accountants' Liability

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