Question 1

Generally,consumers are not adversely affected by tariffs since tariffs affect wholesale prices,not retail prices.

Accepted Answer

A) True 
 B)False

Question 2

What is a major difference between a United States lawsuit versus a French lawsuit?

Accepted Answer

A) In a French civil lawsuit,there is usually no right to a jury trial. 
B) The French legal system does not engage in extensive discovery procedures commonly used in the United States. 
C) In a French lawsuit,the rules of evidence are more flexible. 
D) All of the above are correct. 
A) In a French civil lawsuit,there is usually no right to a jury trial. 
B) The French legal system does not engage in extensive discovery procedures commonly used in the United States. 
C) In a French lawsuit,the rules of evidence are more flexible. 
D) All of the above are correct.

Question 3

Notren,Inc. ,a U.S.company,and SWT,a Singapore company,entered into a contract under which SWT is to ship party supplies to Notren.One of the terms of the contract states,"Any disputes that arise under this contract will be resolved in the courts of Singapore." This contract term is a:

Accepted Answer

A) letter of credit. 
B) choice of language clause. 
C) choice of forum clause. 
D) draft clause. 
A) letter of credit. 
B) choice of language clause. 
C) choice of forum clause. 
D) draft clause.

Question 4

Yount,Inc.is interested in expanding its business to include exporting its products to several other countries.Discuss two federal statutes that should be considered before making the decision to export.

Accepted Answer

All nations limit what may be exported.I

Question 5

Explain the origin and purpose of the World Trade Organization.

Accepted Answer

The WTO was established by GATT.It has t

Question 6

Hardhat Machine Company sold goods to Irish Eyes Company of Northern Ireland.Big Bank issued a letter of credit on behalf of Irish Eyes and the letter was given to Hardhat.The documents required by the letter of credit are presented to the bank for payment while the goods are still in transit.Is Hardhat entitled to be paid?

Accepted Answer

A) No,payment is not due until the goods are delivered. 
B) No,payment is not due until 30 days after delivery. 
C) No,payment is not due until the buyer has had a reasonable time to inspect the goods. 
D) Yes,the letter of credit is a promise by the bank to pay when certain documents are presented. 
A) No,payment is not due until the goods are delivered. 
B) No,payment is not due until 30 days after delivery. 
C) No,payment is not due until the buyer has had a reasonable time to inspect the goods. 
D) Yes,the letter of credit is a promise by the bank to pay when certain documents are presented.

Question 7

International comity holds that the courts of one nation lack the jurisdiction to hear suits against foreign governments.

Accepted Answer

A) True 
 B)False

Question 8

The purpose of the Export Administrative Act of 1985 is:

Accepted Answer

A) to set national quotas on exported goods. 
B) to limit the export of certain items which may pose a security risk. 
C) to document all new exports to facilitate tracking. 
D) All of the above. 
A) to set national quotas on exported goods. 
B) to limit the export of certain items which may pose a security risk. 
C) to document all new exports to facilitate tracking. 
D) All of the above.

Question 9

A contract involving the sale of goods from a Texas seller to a French wholesaler must always use the United Nations Convention on Contracts for the International Sale of Goods (CISG).

Accepted Answer

A) True 
 B)False

Question 10

Hardhat Machine Company sold goods to Irish Eyes Company of Northern Ireland.Big Bank issued a letter of credit on behalf of Irish Eyes and the letter was given to Hardhat.The "account party" is:

Accepted Answer

A) Irish Eyes. 
B) Hardhat Machine Company. 
C) Big Bank. 
D) None of the above. 
A) Irish Eyes. 
B) Hardhat Machine Company. 
C) Big Bank. 
D) None of the above.

Question 11

The two principal actions prohibited by the Foreign Corrupt Practices Act include making bribes and making grease payments.

Accepted Answer

A) True 
 B)False

Question 12

Zebra Toy Company,located in Chicago,sells $500,000 worth of toys to a London,England,a wholesaler.This contract could be governed by:

Accepted Answer

A) Illinois's Uniform Commercial Code. 
B) English law. 
C) the CISG. 
D) All the above are correct. 
A) Illinois's Uniform Commercial Code. 
B) English law. 
C) the CISG. 
D) All the above are correct.

Question 13

In Marubeni America Corp.v.United States,the federal appellate court ruled that the Nissan Pathfinder was,for tariff classification purposes a motor vehicle for the transport of passengers.The classification of goods is significant because:

Accepted Answer

A) the tariffs will vary depending on the classification. 
B) the fair value will vary depending on the classification. 
C) the subsidy will vary depending on the classification. 
D) the dumping duty will vary depending on the classification. 
A) the tariffs will vary depending on the classification. 
B) the fair value will vary depending on the classification. 
C) the subsidy will vary depending on the classification. 
D) the dumping duty will vary depending on the classification.

Question 14

Zebra Toy Company invests a large sum of money in retail stores located in a foreign country.Zebra intends to bring its foreign earnings back home to the United States.This practice is known as:

Accepted Answer

A) repatriation of profits. 
B) inflow profit streaming. 
C) expropriation. 
D) comity. 
A) repatriation of profits. 
B) inflow profit streaming. 
C) expropriation. 
D) comity.

Question 15

Oxtron,Inc. ,a U.S.company,and Leer,an Argentinean company,orally agreed to a contract under which Oxtron is to ship medical devices to Leer.The contract is governed by the CISG.Which statement is correct?

Accepted Answer

A) The contract is not enforceable because it is oral. 
B) Whether the contract is enforceable without a written agreement depends on the value of the medical devices. 
C) Whether the contract is enforceable without a written agreement depends on whether the medical devices are a necessity. 
D) The contract is enforceable without a written agreement. 
A) The contract is not enforceable because it is oral. 
B) Whether the contract is enforceable without a written agreement depends on the value of the medical devices. 
C) Whether the contract is enforceable without a written agreement depends on whether the medical devices are a necessity. 
D) The contract is enforceable without a written agreement.

Question 16

What is a major argument against the GATT Treaty?

Accepted Answer

A) The United States will have to compete against countries with unlimited pools of exploited labor. 
B) The United States will lose millions of jobs involving low-end employment and these types of workers are least capable of finding other employment. 
C) Both a and b above are major arguments against GATT. 
D) Neither a nor b above is a major argument against GATT. 
A) The United States will have to compete against countries with unlimited pools of exploited labor. 
B) The United States will lose millions of jobs involving low-end employment and these types of workers are least capable of finding other employment. 
C) Both a and b above are major arguments against GATT. 
D) Neither a nor b above is a major argument against GATT.

Question 17

It is not a violation of United States law for a domestic company to pay money to a foreign governmental official in order to obtain a contract with the foreign government if this type of "commission" is commonly paid in that foreign country.

Accepted Answer

A) True 
 B)False

Question 18

Archer Co.has decided it wants to expand into international business,but it is concerned about expropriation of its property or losses caused by political unrest.Archer is considering purchasing insurance through the Overseas Private Investment Corporation (OPIC).OPIC:

Accepted Answer

A) provides insurance,but the cost is relatively high. 
B) provides insurance,but the list of countries in which it is willing to provide such protection is fairly short. 
C) has had remarkable success at no cost to the U.S.government. 
D) insures against expropriation,but not against losses stemming from political violence. 
A) provides insurance,but the cost is relatively high. 
B) provides insurance,but the list of countries in which it is willing to provide such protection is fairly short. 
C) has had remarkable success at no cost to the U.S.government. 
D) insures against expropriation,but not against losses stemming from political violence.

Question 19

The United States is the world's largest exporter of agricultural products.

Accepted Answer

A) True 
 B)False

Question 20

The United States has agreed to which of the following?

Accepted Answer

A) GATT. 
B) NAFTA. 
C) CISG. 
D) All of the above. 
A) GATT. 
B) NAFTA. 
C) CISG. 
D) All of the above.

Exam 8: International Law

Generally,consumers are not adversely affected by tariffs since tariffs affect wholesale prices,not retail prices.

What is a major difference between a United States lawsuit versus a French lawsuit?

Notren,Inc. ,a U.S.company,and SWT,a Singapore company,entered into a contract under which SWT is to ship party supplies to Notren.One of the terms of the contract states,"Any disputes that arise under this contract will be resolved in the courts of Singapore." This contract term is a:

Yount,Inc.is interested in expanding its business to include exporting its products to several other countries.Discuss two federal statutes that should be considered before making the decision to export.

Explain the origin and purpose of the World Trade Organization.

International comity holds that the courts of one nation lack the jurisdiction to hear suits against foreign governments.

The purpose of the Export Administrative Act of 1985 is:

A contract involving the sale of goods from a Texas seller to a French wholesaler must always use the United Nations Convention on Contracts for the International Sale of Goods (CISG).

Hardhat Machine Company sold goods to Irish Eyes Company of Northern Ireland.Big Bank issued a letter of credit on behalf of Irish Eyes and the letter was given to Hardhat.The "account party" is:

The two principal actions prohibited by the Foreign Corrupt Practices Act include making bribes and making grease payments.

Zebra Toy Company,located in Chicago,sells $500,000 worth of toys to a London,England,a wholesaler.This contract could be governed by:

In Marubeni America Corp.v.United States,the federal appellate court ruled that the Nissan Pathfinder was,for tariff classification purposes a motor vehicle for the transport of passengers.The classification of goods is significant because:

Zebra Toy Company invests a large sum of money in retail stores located in a foreign country.Zebra intends to bring its foreign earnings back home to the United States.This practice is known as:

Oxtron,Inc. ,a U.S.company,and Leer,an Argentinean company,orally agreed to a contract under which Oxtron is to ship medical devices to Leer.The contract is governed by the CISG.Which statement is correct?

What is a major argument against the GATT Treaty?

It is not a violation of United States law for a domestic company to pay money to a foreign governmental official in order to obtain a contract with the foreign government if this type of "commission" is commonly paid in that foreign country.

Archer Co.has decided it wants to expand into international business,but it is concerned about expropriation of its property or losses caused by political unrest.Archer is considering purchasing insurance through the Overseas Private Investment Corporation (OPIC).OPIC:

The United States is the world's largest exporter of agricultural products.

The United States has agreed to which of the following?

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