Question 1

A majority vote of existing EU members is needed to admit a new member.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following is false regarding the North American Free Trade Agreement?

Accepted Answer

A)  It eliminates or reduces most of the duties, tariffs, quotas, and other trade barriers between the countries that signed the agreement. 
B)  A country that signed the agreement may reinstitute tariffs if an import increase from one of the other nations to the agreement hurts its economy or workers. 
C)  It allows countries that signed the agreement to discriminate against outside nations and to negotiate deals among themselves. 
D)  Environmentalists support the pact, since it mandates a large reduction of pollution in Mexico. 
E)  It has special protection for some favored industries. 
A)  It eliminates or reduces most of the duties, tariffs, quotas, and other trade barriers between the countries that signed the agreement. 
B)  A country that signed the agreement may reinstitute tariffs if an import increase from one of the other nations to the agreement hurts its economy or workers. 
C)  It allows countries that signed the agreement to discriminate against outside nations and to negotiate deals among themselves. 
D)  Environmentalists support the pact, since it mandates a large reduction of pollution in Mexico. 
E)  It has special protection for some favored industries.

Question 3

Mandy is the chief executive office of ToughTred,Inc.,a company that manufactures a special all-terrain tire that her company sells to construction companies and foreign governments (with United States approval)for industry and defense vehicles.Japan has made a very large purchase,but has not paid for the contracted goods.Mandy seeks your advice.What are the options available to ToughTred,Inc.?

Accepted Answer

If ToughTred,Inc.sues in a United States

Question 4

What is the purpose of a "choice of law" clause in an international contract?

Accepted Answer

A)  to allow the plaintiff to choose which nation's law will be applied to a dispute 
B)  to allow the defendant to choose which nation's law will be applied to a dispute 
C)  to give the parties a chance to decide in which nation the lawsuit must be brought 
D)  to determine which nation's law will apply in settling disputes that arise under the contract 
E)  to determine whether a party must sue on the basis of law, or on the basis of equity 
A)  to allow the plaintiff to choose which nation's law will be applied to a dispute 
B)  to allow the defendant to choose which nation's law will be applied to a dispute 
C)  to give the parties a chance to decide in which nation the lawsuit must be brought 
D)  to determine which nation's law will apply in settling disputes that arise under the contract 
E)  to determine whether a party must sue on the basis of law, or on the basis of equity

Question 5

The WTO has become the world's most important trade organization.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is true regarding the Free Trade Area of the Americas?

Accepted Answer

A)  It was formed in 1958. 
B)  It is an agreement between the Caribbean nations and the United States governing free trade. 
C)  It was an agreement, formed in the early 1900s between the United States and Mexico, that was deemed unconstitutional. 
D)  It is a proposed extension of the North American Free Trade Agreement. 
E)  It is not supported by the United States, or by most large United States corporations. 
A)  It was formed in 1958. 
B)  It is an agreement between the Caribbean nations and the United States governing free trade. 
C)  It was an agreement, formed in the early 1900s between the United States and Mexico, that was deemed unconstitutional. 
D)  It is a proposed extension of the North American Free Trade Agreement. 
E)  It is not supported by the United States, or by most large United States corporations.

Question 7

Most countries of the world are members of the United Nations.

Accepted Answer

A) True 
 B)False

Question 8

The North American Free Trade Agreement was formed in 1992 with only three nations.

Accepted Answer

A) True 
 B)False

Question 9

Will and other students are angry because they went to Canada over the summer and felt that they were treated unfairly when they were stopped for a traffic violation.They want to lobby their state legislature to pass a law forbidding any commerce with Canada by anyone in the state.Would such a law be enforceable?

Accepted Answer

A)  yes, because states have the right, along with the United States Congress, to regulate trade within their borders 
B)  yes, because states have the exclusive right to regulate trade within their borders 
C)  yes, but only if the state first made a demand on Canada to remedy the situation, and Canada refused to do so 
D)  no, because the state would not have authority under the United States Constitution to pass such a law 
E)  no, but only because Canada adjoins the United States 
A)  yes, because states have the right, along with the United States Congress, to regulate trade within their borders 
B)  yes, because states have the exclusive right to regulate trade within their borders 
C)  yes, but only if the state first made a demand on Canada to remedy the situation, and Canada refused to do so 
D)  no, because the state would not have authority under the United States Constitution to pass such a law 
E)  no, but only because Canada adjoins the United States

Question 10

A state may not enter into a treaty with a foreign nation,even if the treaty does not conflict with any other treaties,and even if it does not interfere with foreign commerce.

Accepted Answer

A) True 
 B)False

Question 11

The WTO has jurisdiction to enforce the most important and comprehensive trade agreements in the world among its more than 150 member nations.

Accepted Answer

A) True 
 B)False

Question 12

Article I,Section 8,Clause 3 of the United States Constitution is also referred to as the Foreign Commerce Clause.

Accepted Answer

A) True 
 B)False

Question 13

The United Nations General Assembly is composed of ________ UN member nations.

Accepted Answer

A)  five (5) 
B)  ten (10) 
C)  fifteen (15) 
D)  twenty-five (25) 
E)  all 
A)  five (5) 
B)  ten (10) 
C)  fifteen (15) 
D)  twenty-five (25) 
E)  all

Question 14

You are researching any significant economic communities to which Japan and China belong.What will you find regarding membership or significant involvement between these countries and international economic communities?

Accepted Answer

Neither Japan nor China belongs to any s

Exam 41: International and World Trade Law

A majority vote of existing EU members is needed to admit a new member.

Which of the following is false regarding the North American Free Trade Agreement?

What is the purpose of a "choice of law" clause in an international contract?

The WTO has become the world's most important trade organization.

Which of the following is true regarding the Free Trade Area of the Americas?

Most countries of the world are members of the United Nations.

The North American Free Trade Agreement was formed in 1992 with only three nations.

A state may not enter into a treaty with a foreign nation,even if the treaty does not conflict with any other treaties,and even if it does not interfere with foreign commerce.

The WTO has jurisdiction to enforce the most important and comprehensive trade agreements in the world among its more than 150 member nations.

Article I,Section 8,Clause 3 of the United States Constitution is also referred to as the Foreign Commerce Clause.

The United Nations General Assembly is composed of ________ UN member nations.

You are researching any significant economic communities to which Japan and China belong.What will you find regarding membership or significant involvement between these countries and international economic communities?

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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