Question 1

Indonesia,Vietnam,Thailand,and the Philippines are members of the ________.

Accepted Answer

A) Organization of the Petroleum Exporting Countries 
B) Association of Southeast Asian Nations 
C) Dominican Republic-Central America Free Trade Agreement 
D) North American Free Trade Agreement 
A) Organization of the Petroleum Exporting Countries 
B) Association of Southeast Asian Nations 
C) Dominican Republic-Central America Free Trade Agreement 
D) North American Free Trade Agreement

Question 2

The World Trade Organization (WT
O)was created as a successor to the General Agreement on Tariffs and Trade (GAT
T).

Accepted Answer

A) True 
 B)False

Question 3

Under the Treaty Clause,both the federal government and state governments can enter into treaties with foreign nations.

Accepted Answer

A) True 
 B)False

Question 4

Ecuador,Algeria,and the United Arab Emirates are members of the ________.

Accepted Answer

A) North American Free Trade Agreement 
B) Dominican Republic-Central America Free Trade Agreement 
C) Association of Southeast Asian Nations 
D) Organization of the Petroleum Exporting Countries 
A) North American Free Trade Agreement 
B) Dominican Republic-Central America Free Trade Agreement 
C) Association of Southeast Asian Nations 
D) Organization of the Petroleum Exporting Countries

Question 5

The Treaty Clause of the U.S.Constitution designates the president of the United States as its agent to deal with foreign affairs.

Accepted Answer

A) True 
 B)False

Question 6

The World Trade Organization (WT
O)dispute settlement body is the first body to hear a settlement dispute between member nations.

Accepted Answer

A) True 
 B)False

Question 7

The ________ has jurisdiction to enforce the most important and comprehensive trade agreements in the world among its 160 member nations and customs territories.

Accepted Answer

A) World Trade Organization 
B) International Monetary Fund 
C) North American Free Trade Agreement 
D) General Agreement on Tariffs and Trade 
A) World Trade Organization 
B) International Monetary Fund 
C) North American Free Trade Agreement 
D) General Agreement on Tariffs and Trade

Question 8

What does the act of state doctrine assert?

Accepted Answer

A general principle of international law

Question 9

The ________ is a treaty that has removed or reduced tariffs,duties,quotas,and other trade barriers among the United States,Canada,and Mexico.

Accepted Answer

A) Free Trade Area of the Americas Treaty 
B) North American Free Trade Agreement 
C) Central America Free Trade Agreement 
D) General Agreement on Tariffs and Trade 
A) Free Trade Area of the Americas Treaty 
B) North American Free Trade Agreement 
C) Central America Free Trade Agreement 
D) General Agreement on Tariffs and Trade

Question 10

Under the European Union,customs duties have been eliminated among member nations.

Accepted Answer

A) True 
 B)False

Question 11

What is the World Bank? What is its function?

Accepted Answer

The World Bank is a United Nations agenc

Question 12

The World Trade Organization (WT
O)panel adopts a panel report and issues remedies if a violation is found.

Accepted Answer

A) True 
 B)False

Question 13

The United Nations (UN)Security Council is composed of all UN member nations.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following statements is true of 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) The Code of Canon Law regulates the conduct of the Church but fails to govern the actions of individual Catholics. 
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) The Code of Canon Law regulates the conduct of the Church but fails to govern the actions of individual Catholics. 
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 15

Classical Hindu law rests heavily on civil codes adopted during the reigns of different kings.

Accepted Answer

A) True 
 B)False

Question 16

Under the Treaty Clause,________ is seen as the agent of the United States in dealing with foreign countries.

Accepted Answer

A) the Secretariat 
B) the president 
C) the United Nations 
D) the deputy secretary 
A) the Secretariat 
B) the president 
C) the United Nations 
D) the deputy secretary

Question 17

Which of the following statements is true of the North American Free Trade Agreement (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 vote 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 vote is obtained. 
D) It has been hailed by economists to be a perfect example of a free trade pact.

Question 18

________ 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) The Equal Protection Clause 
B) The Supremacy Clause 
C) A forum-selection clause 
D) A choice of law clause 
A) The Equal Protection Clause 
B) The Supremacy Clause 
C) A forum-selection clause 
D) A choice of law clause

Question 19

A forum-selection clause designates which nation's court has jurisdiction to hear a case arising out of a contract.

Accepted Answer

A) True 
 B)False

Question 20

What is the role of the WTO dispute settlement body?

Accepted Answer

A) to hear appeals on decisions made on a dispute 
B) to create panel reports on the findings of the dispute 
C) to hear the dispute from the plaintiff 
D) to review panel reports and adopt them if necessary 
A) to hear appeals on decisions made on a dispute 
B) to create panel reports on the findings of the dispute 
C) to hear the dispute from the plaintiff 
D) to review panel reports and adopt them if necessary

Exam 54: International and World Trade Law

Indonesia,Vietnam,Thailand,and the Philippines are members of the ________.

The World Trade Organization (WT O)was created as a successor to the General Agreement on Tariffs and Trade (GAT T).

Under the Treaty Clause,both the federal government and state governments can enter into treaties with foreign nations.

Ecuador,Algeria,and the United Arab Emirates are members of the ________.

The Treaty Clause of the U.S.Constitution designates the president of the United States as its agent to deal with foreign affairs.

The World Trade Organization (WT O)dispute settlement body is the first body to hear a settlement dispute between member nations.

The ________ has jurisdiction to enforce the most important and comprehensive trade agreements in the world among its 160 member nations and customs territories.

What does the act of state doctrine assert?

The ________ is a treaty that has removed or reduced tariffs,duties,quotas,and other trade barriers among the United States,Canada,and Mexico.

Under the European Union,customs duties have been eliminated among member nations.

What is the World Bank? What is its function?

The World Trade Organization (WT O)panel adopts a panel report and issues remedies if a violation is found.

The United Nations (UN)Security Council is composed of all UN member nations.

Which of the following statements is true of the canons of Christian faith?

Classical Hindu law rests heavily on civil codes adopted during the reigns of different kings.

Under the Treaty Clause,________ is seen as the agent of the United States in dealing with foreign countries.

Which of the following statements is true of the North American Free Trade Agreement (NAFTA)?

________ 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.

A forum-selection clause designates which nation's court has jurisdiction to hear a case arising out of a contract.

What is the role of the WTO dispute settlement body?

Legal Environment of Business and Online Commerce

Courts and Jurisdiction

Judicial, alternative, and Online Dispute Resolution

Constitutional Law for Business and E-Commerce

Intentional Torts and Negligence

Product and Strict Liability

Intellectual Property and Cyber Piracy

Criminal Law and Cyber Crime

Nature of Traditional and E-Contracts

Agreement

Consideration and Promissory Estoppel

Capacity and Legality

Genuineness of Assent and Undue Influence

Statute of Frauds and Equitable Exceptions

Third-Party Rights and Discharge

Remedies for Breach of Traditional and E-Contracts

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

Creation of Negotiable Instruments

Holder in Due Course and Transferability

Liability, defenses, and Discharge

Banking System and Electronic Financial Transactions

Credit, mortgages, and Debtors Rights

Secured Transactions

Bankruptcy and Reorganization

Agency Formation and Termination

Liability of Principals, agents, and Independent Contractors

Employment, worker Protection, and Immigration Law

Labor Law

Equal Opportunity in Employment

Small Business, entrepreneurship, and General Partnerships

Limited Partnerships and Special Partnerships

Corporate Formation and Financing

Corporate Governance and the Sarbanes-Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Companies and Limited Liability Partnerships

Franchises and Special Forms of Businesses

Investor Protection, e-Securities, and Wall Street Reform

Ethics and Social Responsibility of Business

Administrative Law and Regulatory Agencies

Consumer Protection and Product Safety

Environmental Protection

Antitrust Law and Unfair Trade Practices

Personal Property, real Property, and Insurance

Real Property

Landlord-Tenant Law and Land Use Regulation

Insurance

Accountants Duties and Liability

Wills, trusts, and Estates

Family Law

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