Question 1

Irrevocable letters of credit do not recognize the concept of substantial performance.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following is true of a foreign subsidiary?

Accepted Answer

A)  A foreign subsidiary has fewer formalities in its creation and operation. 
B)  A foreign subsidiary allows the parent company to have greater control. 
C)  A foreign subsidiary is one of the cost-effective ways to expand business in foreign markets. 
D)  A foreign subsidiary must be a national of the host country. 
E)  A foreign subsidiary is a risk-free alternative that most corporations adopt for global expansion. 
A)  A foreign subsidiary has fewer formalities in its creation and operation. 
B)  A foreign subsidiary allows the parent company to have greater control. 
C)  A foreign subsidiary is one of the cost-effective ways to expand business in foreign markets. 
D)  A foreign subsidiary must be a national of the host country. 
E)  A foreign subsidiary is a risk-free alternative that most corporations adopt for global expansion.

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

The Foreign Sovereign Immunities Act ______:

Accepted Answer

A)  codifies the modern-traditional theory of trade and tariffs. 
B)  provides immunity for private acts. 
C)  rejects immunity for commercial acts carried on in the countries trading with the U.S. 
D)  provides immunity for commercial acts having direct effects in the U.S. 
E)  rejects immunity for commercial acts carried on in the U.S. 
A)  codifies the modern-traditional theory of trade and tariffs. 
B)  provides immunity for private acts. 
C)  rejects immunity for commercial acts carried on in the countries trading with the U.S. 
D)  provides immunity for commercial acts having direct effects in the U.S. 
E)  rejects immunity for commercial acts carried on in the U.S.

Question 5

What are the advantages of a licensing arrangement for an international business?

Accepted Answer

A licensing arrangement allows the inter

Question 6

Under the doctrine of sovereign immunity, the foreign sovereign claims to be immune from suit entirely based on its status as a state.

Accepted Answer

A) True 
 B)False

Question 7

What is a franchise?

Accepted Answer

In appropriate circumstances, a domestic

Question 8

What are the current penalties for violation of the Foreign Corrupt Practices Act?

Accepted Answer

Under the 1988 FCPA amendments

Question 9

With respect to the sale of goods, which of the following is true as per the CISG?

Accepted Answer

A)  All contracts for the sale of goods must be written. 
B)  All contracts for the sale of goods must be in the oral form. 
C)  Contracts for the sale of goods need not be in writing. 
D)  The parties should sign the contract in the presence of attorneys. 
E)  Contracts concerning sale of goods above $500 must be in writing. 
A)  All contracts for the sale of goods must be written. 
B)  All contracts for the sale of goods must be in the oral form. 
C)  Contracts for the sale of goods need not be in writing. 
D)  The parties should sign the contract in the presence of attorneys. 
E)  Contracts concerning sale of goods above $500 must be in writing.

Question 10

The WTO does not have the power to hear disputes involving member states.

Accepted Answer

A) True 
 B)False

Question 11

In the United States, the counterpart of expropriation is called:

Accepted Answer

A)  nationalism. 
B)  zoning. 
C)  police powers. 
D)  eminent domain. 
E)  confiscation 
A)  nationalism. 
B)  zoning. 
C)  police powers. 
D)  eminent domain. 
E)  confiscation

Question 12

What are the major institutions of the European Union?

Accepted Answer

The major institutions of the

Question 13

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

Accepted Answer

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

Question 14

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

Accepted Answer

A)  Nationalization 
B)  Possession 
C)  Power of eminent domain 
D)  Export Controls 
E)  Expropriation 
A)  Nationalization 
B)  Possession 
C)  Power of eminent domain 
D)  Export Controls 
E)  Expropriation

Question 15

The issuing bank's commitment to pay is given to the seller directly in the case of a letter of credit.

Accepted Answer

A) True 
 B)False

Question 16

The Foreign Sovereign Immunities Act codified which of the following?

Accepted Answer

A)  Foreign governments cannot be sued under any cause of action within the United States. 
B)  Foreign governments can be sued for most causes of action except when participating in commercial acts. 
C)  Foreign governments cannot be sued for most causes of action but can be sued when participating in commercial acts. 
D)  Sovereign immunity was abolished making foreign governments liable for all acts committed within the United States, whether commercial or not. 
E)  Sovereign immunity held that governments could be held liable for nationalization of assets. 
A)  Foreign governments cannot be sued under any cause of action within the United States. 
B)  Foreign governments can be sued for most causes of action except when participating in commercial acts. 
C)  Foreign governments cannot be sued for most causes of action but can be sued when participating in commercial acts. 
D)  Sovereign immunity was abolished making foreign governments liable for all acts committed within the United States, whether commercial or not. 
E)  Sovereign immunity held that governments could be held liable for nationalization of assets.

Question 17

The European Union, as it is known today, began when six nations signed the Treaty of Rome.

Accepted Answer

A) True 
 B)False

Question 18

The International Monetary Fund (IMF) encourages international trade by maintaining stable foreign exchange rates and works closely with commercial banks to promote orderly exchange policies with members.

Accepted Answer

A) True 
 B)False

Question 19

What are the criticisms the FCPA faces for its strict prohibition of American businesses bribing officials of other countries?

Accepted Answer

Many legal observers criticized the FCPA

Question 20

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

Accepted Answer

A)  It coordinates the policies of the member states in a variety of areas from economics to foreign affairs. 
B)  It is composed of elected representatives from each member state. 
C)  It plays an active role in drafting legislation that has an impact on the daily lives of its citizens. 
D)  It has joint power with the Council over the annual budget of the European Union. 
E)  It consists of individuals who represent the will and interests of the entire EU, rather than specific national concerns. 
A)  It coordinates the policies of the member states in a variety of areas from economics to foreign affairs. 
B)  It is composed of elected representatives from each member state. 
C)  It plays an active role in drafting legislation that has an impact on the daily lives of its citizens. 
D)  It has joint power with the Council over the annual budget of the European Union. 
E)  It consists of individuals who represent the will and interests of the entire EU, rather than specific national concerns.

Exam 12: International Law

Irrevocable letters of credit do not recognize the concept of substantial performance.

Which of the following is true of a foreign subsidiary?

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

The Foreign Sovereign Immunities Act ______:

What are the advantages of a licensing arrangement for an international business?

Under the doctrine of sovereign immunity, the foreign sovereign claims to be immune from suit entirely based on its status as a state.

What is a franchise?

What are the current penalties for violation of the Foreign Corrupt Practices Act?

With respect to the sale of goods, which of the following is true as per the CISG?

The WTO does not have the power to hear disputes involving member states.

In the United States, the counterpart of expropriation is called:

What are the major institutions of the European Union?

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

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

The issuing bank's commitment to pay is given to the seller directly in the case of a letter of credit.

The Foreign Sovereign Immunities Act codified which of the following?

The European Union, as it is known today, began when six nations signed the Treaty of Rome.

The International Monetary Fund (IMF) encourages international trade by maintaining stable foreign exchange rates and works closely with commercial banks to promote orderly exchange policies with members.

What are the criticisms the FCPA faces for its strict prohibition of American businesses bribing officials of other countries?

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

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