Question 1

The use of irrevocable letters of credit does not have any effect on reducing uncertainties in international transactions.

Accepted Answer

A) True 
 B)False

Question 2

The International Court of Justice is also called the ______.

Accepted Answer

A)  World Court 
B)  Peace Court 
C)  World Chancery Court 
D)  Court of International Acclaim 
E)  World Trade Court 
A)  World Court 
B)  Peace Court 
C)  World Chancery Court 
D)  Court of International Acclaim 
E)  World Trade Court

Question 3

Discuss the positive impact of the Convention on the International Sale of Goods.

Accepted Answer

Under the Convention on the Internationa

Question 4

Briefly describe the Parliament and the Court of Justice of the European Union.

Accepted Answer

Elected representatives from each member

Question 5

Which of the following statements is true of a bill of lading?

Accepted Answer

A)  It is forwarded by a confirming bank to an issuing bank. 
B)  It requires a buyer to pay a seller for goods prior to shipment. 
C)  A buyer has to obtain the bill from an issuing bank in order to be paid by a confirming bank. 
D)  It has to be provided by a buyer in order to request for a shipment of goods. 
E)  A seller cannot ship his goods unless he has the bill. 
A)  It is forwarded by a confirming bank to an issuing bank. 
B)  It requires a buyer to pay a seller for goods prior to shipment. 
C)  A buyer has to obtain the bill from an issuing bank in order to be paid by a confirming bank. 
D)  It has to be provided by a buyer in order to request for a shipment of goods. 
E)  A seller cannot ship his goods unless he has the bill.

Question 6

The ______,passed in 1993,provides for a dispute settlement mechanism that makes it easier to resolve trade disputes between the United States,Mexico,and Canada.

Accepted Answer

A)  Convention on the International Sale of Goods 
B)  North American Free Trade Agreement 
C)  Central America-Dominican Republic Free Trade Agreement 
D)  Foreign Corrupt Practices Act 
E)  General Agreement on Tariffs and Trade 
A)  Convention on the International Sale of Goods 
B)  North American Free Trade Agreement 
C)  Central America-Dominican Republic Free Trade Agreement 
D)  Foreign Corrupt Practices Act 
E)  General Agreement on Tariffs and Trade

Question 7

Briefly explain why most international contracts contain choice of law.

Accepted Answer

International law can be complicated and

Question 8

Many foreign countries favor joint ventures because they

Accepted Answer

A)  eliminate the need for international arbitration. 
B)  reduce the legal risk for domestic firms. 
C)  eliminate the need for a bill of lading and an irrevocable letter of credit in foreign transactions. 
D)  allow local individuals and firms to participate in the benefits of economic growth. 
E)  decrease the need for export controls. 
A)  eliminate the need for international arbitration. 
B)  reduce the legal risk for domestic firms. 
C)  eliminate the need for a bill of lading and an irrevocable letter of credit in foreign transactions. 
D)  allow local individuals and firms to participate in the benefits of economic growth. 
E)  decrease the need for export controls.

Question 9

______,as used in the context of international law,is the seizure of foreign-owned property by a government.

Accepted Answer

A)  Nationalization 
B)  Possession 
C)  Mandatory arbitration 
D)  Export control 
E)  Expropriation 
A)  Nationalization 
B)  Possession 
C)  Mandatory arbitration 
D)  Export control 
E)  Expropriation

Question 10

What are the General Agreement on Tariffs and Trade principles from the 1994 Uruguay Round?

Accepted Answer

At the heart of the 1994 Uruguay Round a

Question 11

What is the Foreign Corrupt Practices Act's stance on corrupt payments through intermediaries?

Accepted Answer

The Foreign Corrupt Practices Act (FCPA)

Question 12

Which of the following statements is true of the Foreign Corrupt Practices Act of 1977?

Accepted Answer

A)  It prosecutes any foreign official body that bribes American officials. 
B)  It is designed to restrict excessive import of goods. 
C)  It prohibits American citizens from doing business with countries that have a high level of corruption. 
D)  It is designed to stop bribery of foreign officials. 
E)  It governs the corrupt practices of foreign companies. 
A)  It prosecutes any foreign official body that bribes American officials. 
B)  It is designed to restrict excessive import of goods. 
C)  It prohibits American citizens from doing business with countries that have a high level of corruption. 
D)  It is designed to stop bribery of foreign officials. 
E)  It governs the corrupt practices of foreign companies.

Question 13

Under the doctrine of sovereign immunity,the foreign sovereign claims to be immune from suit entirely based on its ______.

Accepted Answer

A)  status as a commercial center 
B)  membership with the World Trade Organization 
C)  status as a state 
D)  political and economic conditions 
E)  commercial acts 
A)  status as a commercial center 
B)  membership with the World Trade Organization 
C)  status as a state 
D)  political and economic conditions 
E)  commercial acts

Question 14

A joint venture takes place when a company

Accepted Answer

A)  chooses to grant a foreign firm the means to produce and sell its product. 
B)  launches another company which it partially or completely owns in a foreign country. 
C)  designates a national firm or an individual of the host country as its legal representative. 
D)  invests in a country by engaging in business with an entity from that country. 
E)  invests in two businesses that are related to each other in its home country. 
A)  chooses to grant a foreign firm the means to produce and sell its product. 
B)  launches another company which it partially or completely owns in a foreign country. 
C)  designates a national firm or an individual of the host country as its legal representative. 
D)  invests in a country by engaging in business with an entity from that country. 
E)  invests in two businesses that are related to each other in its home country.

Question 15

Which of the following is one of the major institutions of the European Union?

Accepted Answer

A)  The Secretary Council 
B)  The International Court of Justice 
C)  The United Nations 
D)  The House of Representatives 
E)  The Council of Ministers 
A)  The Secretary Council 
B)  The International Court of Justice 
C)  The United Nations 
D)  The House of Representatives 
E)  The Council of Ministers

Question 16

Which of the following statements is true of the Convention on the International Sale of Goods?

Accepted Answer

A)  It does not resolve all areas of contract law. 
B)  It encourages international trade by maintaining stable foreign exchange rates. 
C)  It promotes economic development in poor countries by making loans to finance necessary development projects and programs. 
D)  It applies to consumer sales for personal, family, and household use. 
E)  It implements export controls on trade goods. 
A)  It does not resolve all areas of contract law. 
B)  It encourages international trade by maintaining stable foreign exchange rates. 
C)  It promotes economic development in poor countries by making loans to finance necessary development projects and programs. 
D)  It applies to consumer sales for personal, family, and household use. 
E)  It implements export controls on trade goods.

Question 17

What is the primary goal of the United Nations?

Accepted Answer

The Charter of the United Nations sets f

Question 18

The Convention on the International Sale of Goods makes it harder to disclaim warranties on goods than under traditional U.S.law.

Accepted Answer

A) True 
 B)False

Question 19

The notion of sovereign immunity has always been,and continues to be,absolute in its application.

Accepted Answer

A) True 
 B)False

Question 20

Under the Convention on the International Sale of Goods (CISG),parties are not allowed to negotiate contract terms and cannot opt out of the CISG.

Accepted Answer

A) True 
 B)False

Exam 12: International Law

The use of irrevocable letters of credit does not have any effect on reducing uncertainties in international transactions.

The International Court of Justice is also called the ______.

Discuss the positive impact of the Convention on the International Sale of Goods.

Briefly describe the Parliament and the Court of Justice of the European Union.

Which of the following statements is true of a bill of lading?

The ______,passed in 1993,provides for a dispute settlement mechanism that makes it easier to resolve trade disputes between the United States,Mexico,and Canada.

Briefly explain why most international contracts contain choice of law.

Many foreign countries favor joint ventures because they

______,as used in the context of international law,is the seizure of foreign-owned property by a government.

What are the General Agreement on Tariffs and Trade principles from the 1994 Uruguay Round?

What is the Foreign Corrupt Practices Act's stance on corrupt payments through intermediaries?

Which of the following statements is true of the Foreign Corrupt Practices Act of 1977?

Under the doctrine of sovereign immunity,the foreign sovereign claims to be immune from suit entirely based on its ______.

A joint venture takes place when a company

Which of the following is one of the major institutions of the European Union?

Which of the following statements is true of the Convention on the International Sale of Goods?

What is the primary goal of the United Nations?

The Convention on the International Sale of Goods makes it harder to disclaim warranties on goods than under traditional U.S.law.

The notion of sovereign immunity has always been,and continues to be,absolute in its application.

Under the Convention on the International Sale of Goods (CISG),parties are not allowed to negotiate contract terms and cannot opt out of the CISG.

Law As a Foundation for Business

The Role of Ethics in Decision Making

The Court System

Litigation

Alternative Dispute Resolution

The Constitution

The Property System

Contract Formation

Contractual Performance and Breach

Torts Affecting Business

Intellectual Property

Criminal Law and Business

Business Organizations

The Regulatory Process

Regulating Competitionantitrust Laws

Financial and Securities Regulations

Regulations Protecting Consumer Purchases, privacy, and Financial Activities

Environmental Regulation

Discrimination in Employment

Employment Laws

Labormanagement Relationship

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