Question 1

Which of the following is provided under the Foreign Sovereign Immunities Act?

Accepted Answer

A)  It stipulates the rules for conflict resolution among the DR-CAFTA members. 
B)  It endows the president with powers to enter into treaties with foreign nations. 
C)  It exclusively governs suits against foreign nations in the United States. 
D)  It regulates commerce between the United States and foreign nations. 
A)  It stipulates the rules for conflict resolution among the DR-CAFTA members. 
B)  It endows the president with powers to enter into treaties with foreign nations. 
C)  It exclusively governs suits against foreign nations in the United States. 
D)  It regulates commerce between the United States and foreign nations.

Question 2

Which of the following replaced the General Agreement on Tariffs and Trade (GATT)?

Accepted Answer

A)  World Bank 
B)  World Trade Organization 
C)  International Monetary Fund 
D)  North American Free Trade Commission 
A)  World Bank 
B)  World Trade Organization 
C)  International Monetary Fund 
D)  North American Free Trade Commission

Question 3

Canon law is a complex legal system based on the ideology and theology of the Torah.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following statements is true of the NAFTA?

Accepted Answer

A)  It allows a member country to reimpose tariffs if imports are hurting that country's economy or its workers. 
B)  It disallows any special protection being extended to specific industries. 
C)  It disallows NAFTA members from trading with other countries unless a unanimous permission is obtained. 
D)  It has been hailed by economists to be a perfect example of a free trade pact. 
A)  It allows a member country to reimpose tariffs if imports are hurting that country's economy or its workers. 
B)  It disallows any special protection being extended to specific industries. 
C)  It disallows NAFTA members from trading with other countries unless a unanimous permission is obtained. 
D)  It has been hailed by economists to be a perfect example of a free trade pact.

Question 5

AKFTA sets quotas on the output of oil production by member nations.

Accepted Answer

A) True 
 B)False

Question 6

The ________ includes a panel of seven judges selected from WTO member nations that hears and decides appeals from decisions of the dispute-settlement body.

Accepted Answer

A)  WTO panel 
B)  WTO appellate body 
C)  World Court 
D)  WTO General Council 
A)  WTO panel 
B)  WTO appellate body 
C)  World Court 
D)  WTO General Council

Question 7

The ________ is a rule which states that judges of one country cannot question the validity of an act committed by another country within that other country's borders.

Accepted Answer

A)  doctrine of sovereign immunity 
B)  act of state doctrine 
C)  Colgate Doctrine 
D)  Noerr Doctrine 
A)  doctrine of sovereign immunity 
B)  act of state doctrine 
C)  Colgate Doctrine 
D)  Noerr Doctrine

Question 8

Which of the following statements is true of the European Union?

Accepted Answer

A)  The European Union was formerly called the European Council. 
B)  Every country in the European Union has adopted the euro as its monetary unit. 
C)  Custom duties have been removed among member nations of the European Union. 
D)  A majority vote of existing EU members is needed to admit a new member country. 
A)  The European Union was formerly called the European Council. 
B)  Every country in the European Union has adopted the euro as its monetary unit. 
C)  Custom duties have been removed among member nations of the European Union. 
D)  A majority vote of existing EU members is needed to admit a new member country.

Question 9

How does the forum-selection clause of an international contract differ from a choice of law clause?

Accepted Answer

A party seeking judicial resolution of a

Question 10

All EU countries have voted to use the euro because of which the EU is often referred to as the eurozone.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following branches of the United Nations is primarily responsible for maintaining international peace and has authority to use armed force for this purpose?

Accepted Answer

A)  the General Assembly 
B)  the Secretariat 
C)  the Security Council 
D)  the International Court of Justice 
A)  the General Assembly 
B)  the Secretariat 
C)  the Security Council 
D)  the International Court of Justice

Question 12

The ________ is an international organization created by a multilateral treaty in 1945 to promote social and economic cooperation among nations and to protect human rights.

Accepted Answer

A)  United Nations 
B)  League of Nations 
C)  General Agreement on Tariffs and Trade 
D)  World Trade Organization 
A)  United Nations 
B)  League of Nations 
C)  General Agreement on Tariffs and Trade 
D)  World Trade Organization

Question 13

Treaties arranged by international organizations like the United Nations are known as ________.

Accepted Answer

A)  arraignments 
B)  easements 
C)  amendments 
D)  conventions 
A)  arraignments 
B)  easements 
C)  amendments 
D)  conventions

Question 14

________ is a clause in an international contract that designates which nation's laws will be applied in deciding a dispute arising out of the contract.

Accepted Answer

A)  Equal protection clause 
B)  Supremacy clause 
C)  Forum-selection clause 
D)  Choice of law clause 
A)  Equal protection clause 
B)  Supremacy clause 
C)  Forum-selection clause 
D)  Choice of law clause

Question 15

Omar lives in Saudi Arabia.Describe the religious law that Omar follows.

Accepted Answer

Islamic law or Shari'a is the only law i

Question 16

Which of the following statements is true with regard to the canons of Christian faith?

Accepted Answer

A)  The Code of Canon Law produced in 1917 is followed by all sects of Christianity today. 
B)  Protestants are known for their recognition of the authority of the Pope. 
C)  The Orthodox churches treat their canons more as guidelines than as laws. 
D)  The canons remain silent on the legal measures guiding marriage or inheritance. 
A)  The Code of Canon Law produced in 1917 is followed by all sects of Christianity today. 
B)  Protestants are known for their recognition of the authority of the Pope. 
C)  The Orthodox churches treat their canons more as guidelines than as laws. 
D)  The canons remain silent on the legal measures guiding marriage or inheritance.

Question 17

The ________ is a regional international organization that comprises many countries of Western and Eastern Europe and was created to promote peace and security as well as economic,social,and cultural development.

Accepted Answer

A)  Eurosphere 
B)  European Parliament 
C)  Euratom 
D)  European Union 
A)  Eurosphere 
B)  European Parliament 
C)  Euratom 
D)  European Union

Question 18

Which of the following statements is true of the Treaty Clause?

Accepted Answer

A)  It provides that the president can make treaties on his own accord autonomously. 
B)  It provides that the president can enter into treaties with senate approval. 
C)  It provides that the states have exclusive power to regulate internal and foreign affairs. 
D)  It provides that the federal government has supremacy over the state in matters of international trade. 
A)  It provides that the president can make treaties on his own accord autonomously. 
B)  It provides that the president can enter into treaties with senate approval. 
C)  It provides that the states have exclusive power to regulate internal and foreign affairs. 
D)  It provides that the federal government has supremacy over the state in matters of international trade.

Question 19

The Shari'a or Islamic law is the only law in Saudi Arabia.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following nations is one among the five permanent members of the UN Security Council?

Accepted Answer

A)  France 
B)  Japan 
C)  Germany 
D)  Italy 
A)  France 
B)  Japan 
C)  Germany 
D)  Italy

Exam 41: International and World Trade Law

Which of the following is provided under the Foreign Sovereign Immunities Act?

Which of the following replaced the General Agreement on Tariffs and Trade (GATT)?

Canon law is a complex legal system based on the ideology and theology of the Torah.

Which of the following statements is true of the NAFTA?

AKFTA sets quotas on the output of oil production by member nations.

The ________ includes a panel of seven judges selected from WTO member nations that hears and decides appeals from decisions of the dispute-settlement body.

The ________ is a rule which states that judges of one country cannot question the validity of an act committed by another country within that other country's borders.

Which of the following statements is true of the European Union?

How does the forum-selection clause of an international contract differ from a choice of law clause?

All EU countries have voted to use the euro because of which the EU is often referred to as the eurozone.

Which of the following branches of the United Nations is primarily responsible for maintaining international peace and has authority to use armed force for this purpose?

The ________ is an international organization created by a multilateral treaty in 1945 to promote social and economic cooperation among nations and to protect human rights.

Treaties arranged by international organizations like the United Nations are known as ________.

________ is a clause in an international contract that designates which nation's laws will be applied in deciding a dispute arising out of the contract.

Omar lives in Saudi Arabia.Describe the religious law that Omar follows.

Which of the following statements is true with regard to the canons of Christian faith?

The ________ is a regional international organization that comprises many countries of Western and Eastern Europe and was created to promote peace and security as well as economic,social,and cultural development.

Which of the following statements is true of the Treaty Clause?

The Shari'a or Islamic law is the only law in Saudi Arabia.

Which of the following nations is one among the five permanent members of the UN Security Council?

Legal Heritage and the Digital Age

Constitutional Law for Business and E-commerce

Courts and Jurisdiction

Judicial Alternative Administrative and E-Dispute Resolution

Intentional Torts and Negligence

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 and Lease Contracts

Title to Goods and Risk of Loss

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 and Electronic Financial Transactions

Credit, Real Property Financing, and Secured Transactions

Bankruptcy and Reorganization

Agency law

Small Business, Entrepreneurship, and Partnerships

Corporate Formation and Financing

Corporate Governance and the Sarbanes-Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Companies and Limited Liability Partnerships

Franchise and Special Forms of Business

Investor Protection, E-Securities, and Wall Street Reform

Antitrust Law and Unfair Trade Practices

Consumer Safety and Environmental Protection

Labor, Worker Protection, and Immigration Laws

Equal Opportunity in Employment

Personal Property, Bailment, and Insurance

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

Family Law, Wills, and Trusts

Accountants' Duties and Liability

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