Question 1

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 2

Define and discuss the doctrine of "sovereign immunity." Discuss the Foreign Sovereign Immunities Act of 1976.

Accepted Answer

Sovereign immunity is the absolute immun

Question 3

What is the basic purpose of the World Trade Organization (WTO)?

Accepted Answer

The basic purpose of the World Trade Org

Question 4

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 5

A frequently used device to protect domestic business and achieve other social and political goals is the tariff, which is a duty imposed on goods moving into or out of a country.

Accepted Answer

A) True 
 B)False

Question 6

The U.S.belongs to multinational treaties that try to coordinate the application of member nations' intellectual property laws.A principal treaty protecting intellectual property is:

Accepted Answer

A) the Berne Convention for the Protection of Literary and Artistic Works. 
B) the Vienna Patent Treaty. 
C) the Paris Convention for the Protection of Copyrighted Works. 
D) the Paris Trademark Registration Treaty. 
A) the Berne Convention for the Protection of Literary and Artistic Works. 
B) the Vienna Patent Treaty. 
C) the Paris Convention for the Protection of Copyrighted Works. 
D) the Paris Trademark Registration Treaty.

Question 7

Since its inception in 1946, the U.N.Secretariat has registered and published approximately how many treaties that expressly or indirectly concern international business?

Accepted Answer

A) 100 
B) 550 
C) 30,000 
D) 75,000 
A) 100 
B) 550 
C) 30,000 
D) 75,000

Question 8

When a treaty and a right declared under a subsequent federal statute conflict, the treaty must prevail.

Accepted Answer

A) True 
 B)False

Question 9

One of the objectives of NAFTA is to promote conditions of fair competition in the United States, Canada, and
Mexico.

Accepted Answer

A) True 
 B)False

Question 10

The Sherman Act:

Accepted Answer

A) protects U.S.exports from privately imposed restrictions seeking to exclude U.S.competitors from foreign markets. 
B) would not apply to an act committed in the United States by a foreign corporation. 
C) would not apply to an act overseas by a 100 percent-owned foreign subsidiary of an U.S.corporation. 
D) never applies to acts committed outside the U.S. 
A) protects U.S.exports from privately imposed restrictions seeking to exclude U.S.competitors from foreign markets. 
B) would not apply to an act committed in the United States by a foreign corporation. 
C) would not apply to an act overseas by a 100 percent-owned foreign subsidiary of an U.S.corporation. 
D) never applies to acts committed outside the U.S.

Question 11

Assume that Denmark, a member of the European Union, is contemplating the enactment of a protective tariff for its fledgling CD industry due to domestic political and economic pressures.Assume further that the EU has a tariff that it has also enacted for all CD manufacturers within the EU that is considerably lower than the one that is being proposed in Denmark.The policy behind the lower EU tariff is to promote freer trade even at the risk of destroying some of the weaker manufacturers in that organization.In this situation:

Accepted Answer

A) Denmark could enact the higher tariff since EU members give up no authority to the organization in regulating trade and business practices. 
B) Generally, when EU economic policies and rules conflict with the laws of member nations, EU law will prevail.Thus, Denmark's tariff may be illegal. 
C) Denmark could petition the United Nations Council of Economic Policy and if it concurs with Denmark, the EU tariff policy would be overridden. 
D) Assuming Denmark is a signatory to WTO, it could retain its higher tariff since the purpose of WTO is to protect domestic industries by promoting higher tariffs. 
A) Denmark could enact the higher tariff since EU members give up no authority to the organization in regulating trade and business practices. 
B) Generally, when EU economic policies and rules conflict with the laws of member nations, EU law will prevail.Thus, Denmark's tariff may be illegal. 
C) Denmark could petition the United Nations Council of Economic Policy and if it concurs with Denmark, the EU tariff policy would be overridden. 
D) Assuming Denmark is a signatory to WTO, it could retain its higher tariff since the purpose of WTO is to protect domestic industries by promoting higher tariffs.

Question 12

The United States and the country of El Guapo signed a treaty whereby the United States agreed to assist the Latin American country in controlling drug traffic.The United States, following the treaty, seized 100 square meters of
Land and bulldozed it, because it was a suspected haven of drug smuggling.The land in question was in El Guapo, but belonged to an American citizen.Which of the following is most accurate?

Accepted Answer

A) The treaty will supersede any general Constitutional rights because the treaty gave specific authorization for the act. 
B) The act was not offensive to the Constitution, because it occurred in El Guapo. 
C) Constitutional rights apply to people, not to property. 
D) Constitutional rights supersede treaties. 
A) The treaty will supersede any general Constitutional rights because the treaty gave specific authorization for the act. 
B) The act was not offensive to the Constitution, because it occurred in El Guapo. 
C) Constitutional rights apply to people, not to property. 
D) Constitutional rights supersede treaties.

Question 13

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

Question 14

International law is derived from the Code of Federal Regulations and international legal tribunals.

Accepted Answer

A) True 
 B)False

Question 15

Although under GATT's most-favored nation provision all signatories must treat each other as favorably as they treat any other country, nations may give preferential treatment to developing nations and may enter into free trade areas.

Accepted Answer

A) True 
 B)False

Question 16

Under the provisions of the Foreign Sovereign Immunities Act:

Accepted Answer

A) all foreign governments are immune from suit by U.S.citizens. 
B) U.S.citizens in U.S.courts can always sue most foreign governments. 
C) a car used by a foreign embassy in Washington can be seized to settle a judgment against a driver. 
D) U.S.courts may take jurisdiction in a suit against a foreign country for commercial acts by that government that have a direct effect in the United States. 
A) all foreign governments are immune from suit by U.S.citizens. 
B) U.S.citizens in U.S.courts can always sue most foreign governments. 
C) a car used by a foreign embassy in Washington can be seized to settle a judgment against a driver. 
D) U.S.courts may take jurisdiction in a suit against a foreign country for commercial acts by that government that have a direct effect in the United States.

Exam 46: International Business Law

In international business transactions, a documentary letter of credit:

Define and discuss the doctrine of "sovereign immunity." Discuss the Foreign Sovereign Immunities Act of 1976.

What is the basic purpose of the World Trade Organization (WTO)?

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

A frequently used device to protect domestic business and achieve other social and political goals is the tariff, which is a duty imposed on goods moving into or out of a country.

The U.S.belongs to multinational treaties that try to coordinate the application of member nations' intellectual property laws.A principal treaty protecting intellectual property is:

Since its inception in 1946, the U.N.Secretariat has registered and published approximately how many treaties that expressly or indirectly concern international business?

When a treaty and a right declared under a subsequent federal statute conflict, the treaty must prevail.

One of the objectives of NAFTA is to promote conditions of fair competition in the United States, Canada, and Mexico.

The Sherman Act:

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.

International law is derived from the Code of Federal Regulations and international legal tribunals.

Although under GATT's most-favored nation provision all signatories must treat each other as favorably as they treat any other country, nations may give preferential treatment to developing nations and may enter into free trade areas.

Under the provisions of the Foreign Sovereign Immunities Act:

Introduction to Law

Business Ethics and the Social Responsibility of Business

Civil Dispute Resolution

Constitutional Law

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

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

51: The Legal Environment Of Business

52: Contracts.

53: Agency.

54: Sales

55: Negotiable Instruments

56: Unincorporated Business Association

57: Corporations

58: Debtor and Creditor Relation

59: Regulation of Business

60: Property.

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